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EGBs-GILTS: Gilts, BTPs Underperforming Early


Quick MNI technical

DOLLAR-YEN: USD/JPY last trades flat at Y111.61, ahead of the release of
Japanese Q4 (f) GDP and BoP data at 2350GMT/1050JST. MNI median forecast for
revised Q4 GDP is +0.5% on quarter, or an annualized +1.8%, compared with the
preliminary estimate of +0.3% Q/Q, or an annualized +1.4%.
- The rate finished almost 20 pips lower Thursday. The yen benefitted from safe
haven demand, as major equity indices declined across the board.
- Bears look to the 200-HMA at Y111.44, which is followed by the 200-DMA,
located a further 5 pips lower. Meanwhile, bulls need to clear the 100-HMA at
Y111.80, which would open up Y111.92, where the rate peaked on Wednesday.