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Downtrend Remains Intact


Gold, Silver Under Pressure


Holding Below Key Short-Term Resistance


Bearish Pressure Returns

JGBS: JGBs traded softer on Tuesday, the 5-Year sector experienced some modest
underperformance ahead of supply, with super-long paper experiencing a degree of
underperformance after the recent run of outperformance.
- The low price in the 5-Year JGB auction (101.02) met expectations, with the
cover ratio ticking higher. Little reaction was observed in either the cash
space, or in futures.
- Focus today will fall on the BOJ's Rinban operations covering the 1-10 Year
area of the curve.
- Futures continue to trade a touch softer, but have stuck to a tight range.
Bulls look to 151.02-19, where the 2018 & monthly highs are situated. Daily
studies looking to correct from modestly overbought levels and the lack of
topside follow through remain concerns for bulls. In saying that, bears still
need a close below 150.89 to signal a false break higher and return initial
focus to 150.71-80.
MNI London Bureau | +44 0203-865-3809 |