JGBs trade range-bound in silent session ahead of April unemployment rate, retail sales

Japanese government bonds remained range-bound during late Asian session Monday as investors wait to watch the country’s unemployment rate and retail sales data for the month of April, scheduled to be released today and on May 29 by 23:30GMT and 23:50GMT respectively.

The yield on the benchmark 10-year JGB note, which moves inversely to its price, remained tad lower at 0.03 percent, the yield on the long-term 30-year note slipped 1/2 basis point to 0.73 percent and the yield on short-term 2-year hovered around -0.13 percent by 05:20GMT.

A likely quiet start to the week as the US markets are closed for Memorial Day, UK out for spring bank holiday, and Singapore is also heading in to a public holiday tomorrow. The latest rhetoric suggests that the US-North Korean summit could proceed after all, following President Trump’s recent rejection, as US officials arrived in North Korea for preparations today. 

On Friday, the S&P edged down while the 10-year UST bond yield closed down at 2.93 percent amid softer crude oil prices following news that Saudi Arabia and Russia are nearing a deal to ramp up production. 

Meanwhile, the Nikkei 225 index traded 0.03 percent higher at 22,458.00 by 05:25 GMT, while at 05:00GMT, the FxWirePro's Hourly JPY Strength Index remained slightly bullish at 89.57 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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