REFINING: Japan’s Eneos Plans CDU Maintenance at Sakai Refinery from Mid-May

RXK5 125.00 puts paper paid 7.5 on 5K.

Pullback from highs in EGBs comes to a halt as the recovery from lows in equity index futures doesn’t garner much further momentum.

• Elsewhere, note that the regional level German CPI data points to a roughly in line-with-expected national CPI reading (detailed in previous bullets).
• Bund futures have failed to close the opening gap higher on the move off highs, last 129.21 vs. pullback lows of 129.04. Cash yields 3-4bp lower, 5s now outperform on the German curve.
• EGB spreads to Bunds little changed to 1.5bp wider on the day.

Spot EUR/USD remains pinned between two relatively decently sized expiries rolling off at the cut today: $1.0800(E957mln), $1.0875-90(E672mln), which could contain range barring any major German inflation surprise or renewed tariff risk from Trump today. 

USD/JPY, meanwhile, sees $868mln rolling off at Y150.00 and EUR/GBP with E1.1bln layered between 0.8360-70. 

• AUD/USD: $0.6300(A$542mln)
• USD/CNY: Cny7.2800($915mln)