T-Notes Edge Away From Wednesday's Low, JGB Curve Steepens After 30-Year Auction

T-Notes edged higher after unsuccessfully retesting Wednesday's low of 131-28. The contract last trades +0-01+ at 131-31, after holding a 0-05 range in Asia-Pac trade. Cash Tsy curve bull flattened, with yields last seen up to 2.0bp lower. Eurodollar futures are unch. to +1.0 tick through the reds. Activity and headline flow were limited by market closures in a number of Asia-Pac economies, including Singapore. The local docket is headlined by PPI, initial jobless claims, 30-Year debt supply & Fedspeak today.

• JGB futures staged a shallow round trip to session high of 151.31 before the lunch break and last trade at 151.27, 14 ticks shy of Wednesday's settlement as trading resumed in Tokyo. Cash JGB yield curve bear steepened a tad as the super-long end faltered. Low price in the latest 30-Year JGB auction missed estimate from BBG dealer poll (101.25 vs. est. of 101.30). Bid/cover ratio and tail were close to historical averages. In local data, BoP current account surplus shrank slightly more than expected in March, with Eco Watchers Survey coming up later today.
• Cash ACGB space played catch up with yesterday's moves in U.S. Tsys in early trade, but Aussie bond yields are off steeps. They last sit 0.6-2.7bp higher. 10-year yield registered largest gains and trades at 1.793% at typing. YM trades -1.0, while XM ground higher through the session and last sits -2.5. Bills trade unch. to -2 ticks through the reds.