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USDJPY TECHS

Testing Its 50-Day EMA

OUTLOOK

Fed Speakers Still on Tap Includes Chairman Powell

EURGBP TECHS

Corrective Bounce

NZD

NZDUSD Extends Decline To Fresh 2021 Lows

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JGBs have participated in the broader rally witnessed in core FI markets, although there has been a distinct lack of idiosyncratic news flow. The curve has bull flattened, with 30s and 40s running ~1.5bp richer on the day, while the remainder of the major benchmarks print around 0.5bp richer vs. Monday's close. Futures have moved away from their morning peak, sitting +5 at the break. Focus remains on this afternoon's 20-Year JGB supply.