[MARKET ANALYSIS] T-note futures take a breather after the prior day's fluctuations and curve steepening

USTs: +1 tick

• Takes a breather after the prior day's fluctuations and as the recent slew of data took a back seat to the geopolitical updates, while the curve had steepened on broader ceasefire plans.

Bunds: +11 ticks

• Price action is contained following the recent pullback and stronger-than-expected German trade data.

JGBs: -22 ticks

• Retreated with prices returning to beneath the 130.00 level following the recent mild rebound in oil prices, while there was also an acceleration in PPI data and recent comments from BoJ Deputy Governor Himino, who said they will take the most appropriate policy to stably hit the inflation target, considering scale and duration of shocks and broader economic environment.