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JGBS: Yields Play Catch Up With Core Gains, Futures Still Above Recent Lows

JGBS
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JGB futures have shown more of a downside bias post the lunch time break. We were last 142.35, -.22 versus settlement levels. Lows so far in Dec have largely been in the 142.10/20 region, which haven't been tested so far today. 

  • US Tsy futures have ticked up, leaving JGB futures underperforming, but this follows last week's outperformance trend from JGBs. US moves in the 10yr space are also relatively modest.
  • JGB yields have all ticked higher, with the back end of the curve slightly firmer in yield terms. The 10yr was last 1.066%, up 2.4bps. The 20-40yr tenors were up nearly 3bps.
  • It is a similar backdrop in the swaps space, with the 20-30yr tenors closing in up on recent highs, both up nearly 5bps respectively.
  • Earlier data was encouraging in terms of higher core machine orders, while the PMIs rose, although manufacturing is still sub the 50.0 expansion/contraction point.
  • Tomorrow the data calendar is quiet but we do have 20yr supply. 
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JGB futures have shown more of a downside bias post the lunch time break. We were last 142.35, -.22 versus settlement levels. Lows so far in Dec have largely been in the 142.10/20 region, which haven't been tested so far today. 

  • US Tsy futures have ticked up, leaving JGB futures underperforming, but this follows last week's outperformance trend from JGBs. US moves in the 10yr space are also relatively modest.
  • JGB yields have all ticked higher, with the back end of the curve slightly firmer in yield terms. The 10yr was last 1.066%, up 2.4bps. The 20-40yr tenors were up nearly 3bps.
  • It is a similar backdrop in the swaps space, with the 20-30yr tenors closing in up on recent highs, both up nearly 5bps respectively.
  • Earlier data was encouraging in terms of higher core machine orders, while the PMIs rose, although manufacturing is still sub the 50.0 expansion/contraction point.
  • Tomorrow the data calendar is quiet but we do have 20yr supply.