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GBP

Sterling Reversing Late Thursday Strength

US 10YR FUTURE TECHS

(Z1)‌‌ Remains Vulnerable

JGBS
JGBS: The 20-Year JGB auction was well received, the low price came in at 100.10
(exp. 100.00), with a slightly higher bid-to-cover at this auction compared to
the previous adding further support. The supply will have been supported by the
unfavourable FX-hedged U.S. Tsy yields in play for Japanese lifers, with the
super-long end of the JGB curve unwinding its pre-auction concession and now
moving higher on the day.
- Daily studies looking to correct from modestly overbought levels in futures
and the lack of topside follow through remain concerns for bulls. In saying
that, bears still need a close below 150.89 to ease bullish pressure and return
initial focus to 150.71-80.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com