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MARKET INSIGHT

The big news overnight was that as the yields rose, the BoJ stepped in to defend the upper end of its permitted 10-Year JGB yield trading band (twice), with USDJPY surging above Y123.00 as a result. The moves in US yields combined with the USDJPY move have helped the broader dollar index move higher. Eurodollar futures are up to 13 ticks lower on the day at writing.

  • Looking ahead, the highlight of the day will be an appearance from BOE Governor Bailey at midday BST / 13:00CET. He is due to speak with Guntram Wolff, Bruegel with the topic ‘Macroeconomic and financial stability in changing times’.
  • Elsewhere we have US advance trade and retail inventory data but the calendar remains fairly light with focus remaining on Russia-Ukraine negotiations.

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