[MARKET ANALYSIS] 10yr JGBs extend on the rebound from Monday's trough ahead of a 10yr auction

USTs: -1.5 ticks

• Took a breather after yesterday's choppy performance in which prices ultimately gained following the soft ISM Manufacturing data, which showed a surprise deterioration in the headline figure.

Bunds: -8 ticks

• Marginally retreated from the prior day's best levels with demand constrained overnight ahead of German inflation data and incoming supply.

JGBs: +18 ticks

• Continues its rebound from Monday's trough but with further upside capped as a 10yr JGB auction looms.