The AOFM sells A$1200mn of the 4.25% 21 December 2035 bond: * Average Yield (%): 4.3442 (prev. 4.42...
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JGB futures sit slightly higher in the first part of Monday dealing, last near 139.21, -.14 versus settlement levels for June futures. This keeps us firmly within recent ranges. US Tsy futures have had a modestly positive bias in recent dealings (10yr Sep futures up +04), which has likely spill over to JGB futures are the margin.
CFTC positioning shifts were mixed across the major currencies in the week ending June 3, see the table below. For yen, we saw leveraged contracts rise, but this was offset by a contraction in asset manager positioning in the currency. Still, asset managers remain long from an outright standpoint, so too do leveraged players.
Table 1: Weekly Change & Outright Positioning Per Major Currency - CFTC
Leveraged Contracts | Asset manager Contracts | |||
Weekly Change | Outright Position | Weekly Change | Outright Position | |
JPY | 4728 | 23315 | -4945 | 109920 |
EUR | 684 | -15355 | 5393 | 344880 |
GBP | 1257 | 46475 | 1618 | -1283 |
AUD | -2371 | -19493 | -491 | -32356 |
NZD | -1235 | -8234 | 639 | -18407 |
CAD | -888 | -43405 | 2481 | -67496 |
CHF | 1611 | 2969 | -2167 | -31191 |
MXN | -150 | -9601 | 3408 | 37251 |
Source: Bloomberg Finance L.P. / MNI
Gold prices fell on Friday after the better-than-expected US payroll data, which showed the labour market holding up in the face of elevated trade uncertainty and reducing the chance of a near-term Fed rate cut. They rose to a high of $3375.65/oz and then fell to a low of $3307.18 after the US release. It finished down 1.3% to $3310.42 as the stronger US dollar added pressure (USD BBDXY +0.3%) but was still up 0.6% on the week. Bullion is currently lower again at around $3310.7.