Range-Bound

T-Notes have wavered within a 0-02+ range, looking for fresh catalysts. The contract sits +0-01 at 139-13+ as we type, after topping out at 139-15+. Yields have moved a touch lower across the cash curve, with the USD trading defensively. Eurodollar futures last seen unch. to +0.5 tick through the reds. The latest FOMC MonPol meeting minutes headline in the U.S. today.

• JGB futures extended gains after a higher re-open, before retreating to fresh session lows. The contract last trades at 151.85, 3 ticks shy of settlement. A recovery in the Nikkei 225 may have applied some fresh pressure to JGBs. The longer end of the curve marginally outperforms in cash trade. Little reaction to better than expected Japanese Jul trade figures or to below-forecast Jun core machine orders. The BoJ left the sizes of its 3-10 Year JGB purchases unchanged today.
• Australian YM -1.0 & XM unch. at typing; both have respected very tight ranges. Cash curve has slightly twist flattened, yields sit +0.7bp to -0.8bp. Bills running unch. to -1 through the reds. The space has shrugged off the lack of ACGB purchases from the RBA and a strong ACGB Dec '30 offering.