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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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Free AccessSubdued Session, Futures Fail To Hold Early Gains, BoJ Rinban Operations Tomorrow
JGB futures have slipped back into negative territory, -6 compared to the settlement levels, after failing to hold strength sparked by gains in cash US tsys following news that President Biden would not contest the November election.
- Early strength may also have received support from the surprise monetary easing by the PBoC. The PBoC announced a 10bp cut to the 7-day reverse repo rate, along with lower 1yr and 5yr LPRs.
- Today, the local calendar will see Tokyo Condominiums for Sale data shortly alongside an Enhanced Liquidity Auction covering OTR 1-5-year JGBs later.
- Cash JGBs are flat (2-3-year) to 3bps cheaper (40-year). The benchmark 10-year yield is 0.9bp lower at 1.053% versus the cycle high of 1.108%.
- The swaps curve has twist-steepened, pivoting at the 20-year, with rates 1.3bps lower to 2.2bps higher. Swap spreads are tighter.
- Tomorrow, the local calendar will see Machine Tool Orders data alongside BoJ Rinban Operations covering 1-10-year JGBs.
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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.