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Market Returns After Yesterday’s Holiday, JPY Intervention On Monday

JGBS

In post-Tokyo trade on Friday, JGB futures were richer, closing +39 compared to settlement. The local market was closed yesterday.

  • March’s Jobless Rate and Job-To-Applicant Ratio both printed higher than expected, printing 2.6% and 1.28 respectively versus expectations of 2.5% and 1.26 and 2.6% and 1.26 prior. At the margin this should be supportive for the local market.
  • The key market movement on Monday was the yen weakness, followed by signs of official intervention. With Japan on holiday, illiquid trading saw the USD/JPY rise to 160 for the first time since 1990. It is currently dealing at 156.
  • Overnight US tsys continued to rally off last Thursday's 5-month lows, completely recovering from a sell-off on lower-than-expected Weekly Claims and hotter-than-expected Q1 PCE Deflator data. Benchmark yields finished 1-5bps lower, with the market’s focus on FOMC Policy Decision on Wednesday.
  • (AFR) US markets rose. Early results from the reporting season suggest that over 80 per cent of US companies are beating expectations. First-quarter earnings are now on track to increase by 4.7 per cent from a year ago, compared with the pre-season estimate of 3.8 per cent, according to data compiled by Bloomberg Intelligence.
  • Today, the local calendar also sees Retail Sales, Industrial Production and Housing Starts data.
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