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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessTwisting Steeper, 10-Year Supply Goes Well
A very modest bid in U.S. Tsys provided some early support for most of the JGB curve, as did comments from BoJ Governor Kuroda, as he went to great lengths to reaffirm the Bank’s ultra-loose policy stance, commitment to YCC and warned that recent run of weakness in the JPY had been “somewhat rapid.”
- The pullback from best levels, and eventual weakness, in wider core FI markets saw the space away from best levels in the afternoon.
- 10-Year JGB supply passed smoothly, with the low price matching expectations, tail holding narrow and cover ratio moving to the highest level observed at a 10-Year auction since Nov ’20, aided by the BoJ’s recent actions re: YCC enforcement.
- The latest round of local data (household spending and wages) was mixed, and failed to provide any impetus for the space.
- The curve has twist steepened on the day, with 10s providing the firmest point on the curve, both pre- and post-auction, with the curve perhaps operating in sympathy to the U.S. Tsy twist steepening on Monday, albeit with a longer dated pivot point. 10s are ~1bp richer on the day with 30s & 40s 1.5 & 2.5bp cheaper respectively. Futures are +7 ahead of the bell.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.