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Up From Lows, 10yr Yield Can't Sustain 0.97% Handle

JGBS

JGB futures finished the post Tokyo trade period with a more positive bias. JBM4 ended at 143.92, +.08.

  • This leaves us within recent ranges, albeit towards the bottom end. Yesterday's lows were near 143.70, with April 26 lows coming in at 143.61.
  • The positive tone to US 10yr futures likely aided a recovery from lows in JGB futures. The market digested the US PPI result and took US yields ultimately lower after the print (with March revisions and details for the PCE seen as less threatening, aiding the move).
  • In the cash JGB space, the 10yr yield finished at 0.953%, against earlier highs of 0.974%. It was a similar story across other parts of the curve.
  • The 10yr swap rate last tracked near 1.02%, which 2024 highs marked around 1.04%.
  • The data calendar is empty today. Note tomorrow we get Q1 GDP which is expected to print negative, while a 20yr debt auction is also on tap.
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