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T-Notes Range-Bound After FOMC

BOND SUMMARY

Lack of any real impetus from the latest FOMC MonPol decision in the
Asia morning, coupled with a fairly thin news flows, has seen T-Notes
respect a tight, 0-02 range. The contract last sits +0-00+ at 139-24+.
Yields are marginally lower across the cash curve. Eurodollar futures last
seen up to half tick away from neutral levels through the reds. U.S. fiscal
matters remain under scrutiny.

  • JGB futures have moved away from session lows and last trade at
    152.45, just 1 tick shy of settlement. JGB yields marginally mixed
    across the curve, with wings outperforming & 7s cheapening.
    Japanese retail sales figures topped expectations, focus moves to
    2-Year JGB supply.
  • In Australia, YM unch. & XM +1.0, while yield curve runs flatter in
    Sydney cash trade. Bills sit unch. to -1 tick through the reds. Australian
    building approvals fell more than forecast in June. Newswise, focus
    fell on a fresh daily record in Victoria's new Covid-19 cases.

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