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The space has meandered along with futures.....>

JGBS
JGBS: The space has meandered along with futures trading 1 tick lower 150.83.
- The cash curve sits a little flatter but action has been relatively listless
today.
- The size of the BoJ's Rinban operations covering the 1-10 Year buckets was
left unchanged, with the offer to cover ratios holding steady across the board.
- Swaps are running a little wider against JGBs today.
- Future's hesitation ahead of the 150.95-151.06 resistance region is less than
ideal for bulls with a close above the March 12 high (151.06) needed to shift
initial focus higher. Bears now need a close below the May 02 low (150.77).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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