JGB futures are stronger in the Tokyo afternoon session, +22 compared to the settlement levels, but well off session highs tied to news that Israeli missiles have hit sites in Iran.
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ACGBs (YM flat & XM +2.0) sit slightly richer after dealing in relatively narrow ranges in today’s Sydney session. With the domestic calendar empty today, trading has been all about consolidating yesterday’s post-RBA rally ahead of the FOMC Decision later today.
Oil prices have traded in a narrow range to be down moderately during APAC trading today but are still up more than 2% on the week. WTI is 0.2% lower at $82.57/bbl, close to the intraday high, and Brent is also down 0.2% to $87.25. The market is waiting for the Fed decision out later today. While it is widely expected to be on hold this month, concerns that rate cuts will be delayed and thus pressure demand have weighed on crude. The USD index is flat.
Outside of fresh yen weakness, overall G10 FX moves have been fairly muted. The BBDXY sits marginally higher, last near 1241, largely on account of fresh weakness.