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JGBs struggled for any real upside impetus.....>

JGBS
JGBS: JGBs struggled for any real upside impetus today, with futures last
trading 9 ticks below settlement after softening a touch in the overnight
session, and coming under fresh pressure from the stronger than expected Chinese
GDP released in Asia-Pacific hours, after the contract witnessed a modest uptick
in early Tokyo trade.
-Cash trade has seen the long end under pressure from the off, with bear
steepening apparent, after yesterday's outperformance in super-long paper.
- Fresh YtD highs in USD/JPY will have also added pressure to the space,
although the pair now trades back around unchanged levels.
- BoJ Deputy Governor Amamiya offered little new in his latest address.
- The latest round of Rinban operations saw the BoJ leave the size of its 5-10
Year & JGBi purchases unchanged, offer to cover ratios as follows: 5-10 Year
2.44x (prev. 3.09x), JGBi 6.68x (prev. 3.39x).
- Focus tomorrow moves to flash manufacturing PMI data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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