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Tracking Recent Ranges, Q1 GDP & 20yr Supply On Tap Tomorrow

JGBS

JGB futures have had an uneventful first part of Wednesday trade. JBM4 was last at 143.88, +.04. We have stuck to recent ranges, with downside limited to 143.84, while moves above 143.90 have not extended.

  • Local news flow has been light with no data out today and a quiet auction calendar. Tomorrow there will be focus on the Q1 GDP print (which is expected to be negative), while a 20yr debt auction is due.
  • US Tsy futures have been steady, the 10yr sitting unchanged in latest dealings. We have the US CPI print later, which is no doubt keeping some market participants on the sidelines.
  • In the cash JGB space, most yields sit close to unchanged. The 10yr was last near 0.96%. The 30- and 40yr tenors have seen a further uptick in yields though.
  • Swap rates are mostly lower, the 10yr last close to 1.01%.
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