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Softer Start, In line With Higher Core Yields, Lower PPI Ignored

JGBS

Early JGB momentum has been to the downside, the active contract last at 144.34, -.20. Lows from last week came in at 144.17, which could be eyed on the downside. Important support under 143.50 from early Nov is still some distance away though. Early JGB moves are likely seeing some spill over from US TYZ softness (last 107-10, -03).

  • JGB softness comes despite a weaker than expected PPI result earlier. Waning PPI momentum points to further downside in headline CPI in the coming months (see this link for more details).
  • JGB yields have opened up higher across the board, with 7-30yr tenors seeing the largest yield gains. The 10yr is tracking close to 0.875%, while the 20yr is back to 1.58%, almost 3bps higher.
  • In the swap space it is a similar story, the 10yr last near 1.064%, up close to 3bps.
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