[MARKET ANALYSIS] JGBs continue to fall ahead of 20-year auction
Importance
Level 1
- UST Futures continues to hold onto losses seen in Monday’s futures session amid the absence of cash trade.
- Bund Futures have completely reversed the haven-bid seen in Monday’s session, as the OAT-Bund spread continues to tighten following the use of Article 49.3 by French PM Lecornu to push through the budget.
- JGB Futures briefly dipped below the 131 handle, as 40-year JGB yields hit its highest point since its debut in 2007. This comes ahead of the highly-anticipated 20-year JGB auction.
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