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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Subdued Session Ahead Of BoJ Ueda’s Parliamentary Appearance Tomorrow
At the Tokyo lunch break, JGB futures are weaker and near session cheaps, -9 compared to the settlement levels.
- Outside of the previously outlined weekly International Investment Flow and Jibun Bank PMIs, there hasn't been much in the way of domestic drivers to flag.
- Machine Tool Orders data are due later alongside an Enhanced Liquidity Auction for 5-15.5-year OTR JGBs.
- (Bloomberg) Governor Kazuo Ueda will face intense market scrutiny Friday after the Bank of Japan’s rate hike and his clear hawkish signals contributed to a meltdown in global financial markets earlier this month. (See link)
- According to MNI’s technicals team, the sharp rally in JGB futures earlier this month has confirmed a bullish reversal and in the process cleared a number of important resistance points. A continuation higher would pave the way for a climb towards 147.74, the Jan 15 high and a bull trigger. Any exhaustion of this bullish move would see momentum shift lower, initially targeting 143.57, the Jul 17 high. A move lower would likely be a correction.
- Cash US tsys are flat to 1bp cheaper across benchmarks in today’s Asia-Pac session.
- Cash JGBs are slightly mixed across benchmarks, with yield swings bounded by +/- 1bp. The benchmark 10-year yield is 0.2bp higher at 0.882% versus the cycle high of 1.108%.
- Swaps are also little changed.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.