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JGB's were firmer than their global............>

JGBS
JGBS: JGB's were firmer than their global counterparts as futures last traded at
151.00 (unch.).
- The cash curve was a little flatter as super-long paper outperformed heading
in to FY end.
- The latest round of political scandal surrounding PM Abe's wife was absorbed
by the market, as many headlines surrounding the matter had been run over the
weekend, but probably helped the space to hold firm.
- The latest round of BoJ Rinban operations covering the 5-25+ Year buckets saw
a slight pickup in the offer to cover ratio across all 3 maturity groups.
- For futures, recent volatility has resulted in pressure returning to the
151.18-19 region where the Bollinger band top is situated. Bulls continue to
look for a close above 151.19 to initially target 151.51 2017 highs. The
Bollinger band top is the key concern for bulls with potential to limit follow
through. Bears still need a close below 150.89 to ease bullish pressure and
below 150.51 to target 2018 lows.
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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