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[MARKET ANALYSIS] T-note futures lack conviction after mixed data, while 10yr JGBs extended on gains after soft wages data

The mixed data from the U.S.

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Indonesian Foreign Exchange Reserves (Dec) 156.50B (Prev. 150.10B, Rev. 150.1B)

[MARKET ANALYSIS] Dollar is little changed after recent mixed data including disappointing labour market proxies ahead of Friday's NFP report

[MARKET ANALYSIS] T-note futures lack conviction after mixed data, while 10yr JGBs extended on gains after soft wages data

Philippine Foreign Exchange Reserves (Dec) 110.9B (Prev. 111.3B , Rev. 111.1B )

[MARKET UPDATE] Australian bond yields are pressured with the 10yr yield down about 10bps following recent soft data including yesterday's CPI print and a fall in Exports, and despite RBA's Hauser stating have likely seen the last rate cut in the cycle

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USTs: -2 ticks

  • Lacks conviction after the recent indecisive performance amid mixed data releases as ISM Services PMI topped estimates, but ADP Employment and JOLTS Job Openings disappointed, while attention turns to more jobs-related releases scheduled later, including Initial Jobless Claims and RevelioLabs Total US Nonfarm Employment Data.

Bunds: Flat

  • Trades rangebound after ultimately gaining yesterday in a choppy environment after German data and supply.

JGBs: +34 ticks

  • Extended on the prior day's advances with participants digesting softer-than-expected wages data including a further deterioration in real wages, while participants await a 30yr JGB auction.
Context

is creating uncertainty in T-note futures, as stronger ISM Services PMI contrasts with disappointing ADP Employment and JOLTS figures, suggesting a cautious outlook ahead of additional job-related reports. Meanwhile, the rise in Japanese Government Bonds indicates market optimism driven by soft wages data, suggesting a potential shift in monetary policy considerations from the BoJ, which could have broader implications for fixed income markets.

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