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Free AccessJGBs Regain Poise After Confirmation Of BoJ/Fed Divergence, Tsys & ACGBs Extend Losses
Asia-Pac headline flow failed to add much to the familiar narrative, leaving familiar market dynamics in play, with focus on the policy outlooks of major central banks.
- Selling pressure hit T-Notes from the off, pushing the contract to fresh cycle lows. TYH2 edged away from worst levels (127-03+) in the Tokyo afternoon and last changes hands -0-06 at 127-06. Eurodollar futures operate 0.5-4.5bp lower through the reds. Cash Tsy curve continued to bear flatten in Asia, with the 20-Years outperforming ahead of today's auction of that tenor. The yield on 30-Year Tsys crossed above the 2.2% mark for the first time since June amid fresh cycle highs for yields across the curve. The U.S. data docket is limited to housing starts & building permits, with the main focus set to fall on aforementioned debt supply.
- Aussie bonds clung onto the tailcoats of faltering U.S. Tsys in cash Sydney trade, with yields last seen 3.2-5.5bp higher, albeit the ACGB curve has steepened a tad. The yield on 10-Year ACGBs showed above 2.0% for the first time since Oct. Main futures contracts wavered, with YM last -4.0 & XM -6.0. Bills trade 2-4 ticks lower through the reds. Westpac Consumer Confidence Index posted a somewhat surprisingly modest downtick but the ACGB space showed a limited reaction, with an auction for A$500mn of 2.75% 21 Jun '35 Bonds also largely shrugged off.
- JGB futures clawed back their initial losses and crept higher, extending gains after the Tokyo lunch break. JBH2 trades at 150.85 at typing, 11 ticks above last settlement and 2 ticks below session highs. Cash JGB curve steepened a tad, with yields easing across the curve, save for the super-long end. The BoJ yesterday gave a clear indication that they are keen to stick to their ultra-loose policy stance, which sets them apart from U.S. colleagues. Japan auctioned 1-Year Bills and conducted a liquidity enhancement auction for off-the-run JGBs with 1-5 years until maturity.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.