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SILVER TECHS

Bullish Extension

GOLD TECHS

Heading North

WTI TECHS

(M1) Needle Still Points North

BRENT TECHS

(N1) Bullish Conditions Remains Intact

USDCAD TECHS

Extends Lower With Bears In Charge

JGBS

JGB futures held to a tight range during the Tokyo morning, with the contract hitting the bell +5 vs. settlement after an early, shallow look above the overnight range.

  • Cash trade has seen some underperformance for the longer end and 5-Year zone, although longer dated swaps are tighter on the day, with none of the signs of foreign swap payers evident today, as the recent LCH/JSCC 30-Year swap spread widening flattens out.
  • The latest round of BoJ Rinban ops saw purchase sizes left as they were, while the offer/cover breakdown was as follows:
  • 1-3 Year: 3.72x (prev. 3.01x)
  • 3-5 Year: 2.67x (prev. 3.08x)
  • 5-10 Year: 2.62x (prev. 2.43x)
  • 25+ Year: 4.85x (prev. 6.12x)
  • Elsewhere, we learnt that the Japanese cabinet has decided to spend a little over Y1.1tn of its emergency reserves to fund measures to deal with COVID-19.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com