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Slight Twist-Flattening Of Cash Curve Ahead Of 5Y Supply

JGBS
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In Tokyo morning trade, JGB futures are holding near overnight closing levels, +8 compared to settlement levels.

  • Today, the local calendar is empty apart from 5-year supply.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session, after yesterday’s strong post-PPI rally. US CPI is due for release later today. Consensus sees core CPI at 0.2% m/m in July after the far softer than expected 0.065% m/m in June, with a mild skew towards a “low” 0.2% per MNI’s compilation of sell-side previews. (See MNI CPI Preview here)
  • The cash JGB curve has slightly twist-flattened, pivoting at the 7s, with yields 1bp higher to 1bp lower. The benchmark 10-year yield is 1bp lower at 0.836% versus the cycle high of 1.108%.
  • Swaps rates are little changed. Swap spreads are mixed.
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In Tokyo morning trade, JGB futures are holding near overnight closing levels, +8 compared to settlement levels.

  • Today, the local calendar is empty apart from 5-year supply.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session, after yesterday’s strong post-PPI rally. US CPI is due for release later today. Consensus sees core CPI at 0.2% m/m in July after the far softer than expected 0.065% m/m in June, with a mild skew towards a “low” 0.2% per MNI’s compilation of sell-side previews. (See MNI CPI Preview here)
  • The cash JGB curve has slightly twist-flattened, pivoting at the 7s, with yields 1bp higher to 1bp lower. The benchmark 10-year yield is 1bp lower at 0.836% versus the cycle high of 1.108%.
  • Swaps rates are little changed. Swap spreads are mixed.