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The Japanese government bonds remained tad higher Wednesday ahead of the country’s gross domestic product (GDP) for the fourth quarter of 2018 and household spending data for the month of January, both scheduled to be released on March 7 by 23:30GMT and 23:50GMT respectively.
The yield on the benchmark 10-year JGB note, which moves inversely to its price, remained 1/2 basis point lower at -0.004 percent, the yield on the long-term 30-year too traded slighgtly lower at 0.636 percent while the yield on short-term 2-year slumped 14 basis points to -0.142 percent by 06:15GMT.
China’s NPC saw a lower growth target of 6-6.5 percent as widely expected, but the main upside surprise was from the CNY2 trillion tax and social contribution target cut to lower the burden for business, OCBC Treasury Research reported.
A stronger-than-expected US manufacturing ISM print of 59.7 in February (up from 56.7 in January) sent UST bond yields higher overnight, while Wall Street edged lower. Fed’s Rosengren (voter) opined that it may take “several meetings…before Fed policy makers have a clearer read on whether the risks are becoming reality” and “it is a good time for policy makers to be patient, taking the time to evaluate the risks”, the report added.
Meanwhile, the Nikkei 225 index closed 0.54 percent lower at 21,609.00, while at 06:00GMT, the FxWirePro's Hourly JPY Strength Index remained neutral at 17.00 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
