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GBPUSD TECHS

Approaching Key Resistance

FED

Reverse Repo Operations, Moderating

US TSY OPTIONS

Broken Midcurve Call Fly

COMMODITIES

Oil Benchmarks Shrug Off Tanker Seizure Off UAE Coast

JGBS
JGBS: On the overnight session the JGB 10-Year came back up slightly alongside
U.S treasuries when Pres. Trump formally announced tax cuts and Fed George
supported Fed Chair Yellen's and Rosengren's hints further towards a Dec rate
hike. JGB's opened Tokyo at 150.35, bouncing slightly on the open to 150.39 and
now sitting one tick up at 150.36, trade is quieting down ahead of speech from
BOJ Kuroda scheduled for 0735BST/1535JST.
- The largest move in the session was a 10 tick move post purchasing
announcements and the biggest drop of 8 ticks came after the BOJ Summary of
Opinions came out, 'more easing necessary to stimulate demand.'
- Some significant Japan data out mixed on the session: Japan Core CPI (0.7%
from 0.4%), Industrial Output (2.1% from -0.8%), Household Spending (0.6% from
-0.2%.)
- Yields down across the curve, 40-Year JGB yield dropped after BOJ summary of
opinions were released from +3.5bp to -0.5bp and now sits at -1.1, 10-Year down
0.6bp.
- Japan has 'The Day Following National Day' public holiday on Monday.