Derivati USA: CME-CBOT-NYMEX-ICE T-Bond-10y-Bund : la maledizione di f4f (vm18)

Bonjour :)

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Wednesday September 6, 12:53 PM
JGB futures recover from losses as Nikkei slips
TOKYO, Sept 6 (Reuters) - Japanese government bond (JGB) futures recovered from early losses on Wednesday, pushed up by a slide in domestic stock prices ahead of eagerly awaited comments by Bank of Japan Governor Toshihiko Fukui later in the week.

Futures made up for their losses from the previous session, when the the market slumped due to surprisingly weak results at a 10-year bond auction that pushed the lead contract further away from a six-month high scaled during a fierce, short-covering rally last week.


"There are still some shorts that people are trying to cover whenever they get a chance to," said an analyst at a U.S. investment bank, adding that widening losses in the Nikkei share average had provided that opportunity.

Still, few analysts believed that the market would move significantly before Fukui speaks on Friday.

"The market has calmed down after overheating (last week)," said Takafumi Yamawaki, fixed income strategist at Morgan Stanley.

"Now it's waiting to see what Fukui says."

Fukui will speak after a two-day policy meeting at which the BOJ is widely expected to keep rates unchanged at 0.25 percent after lifting them for the first time in six years in July.

September futures rose to the day's high of 134.62 early in the afternoon session, before easing to 134.58, 0.05 point higher on the day. Still, prices remained below 135.20 touched on Friday for the first time since March.

Prices were boosted after the Nikkei slid as much as about 0.75 percent, dragged down after a brokerage downgrade of heavy-hitter Softbank Corp. .

The yield on the benchmark 10-year JGB inched down a basis point to 1.710 percent, turning around after rising to 1.740 percent earlier in the session. Still, the yield remains higher than the 1.6 percent hit on Friday, its lowest level since March.

Market players said fizzling buying momentum could weigh on the market, taking the 10-year yield up to 1.8 percent in the near term.

The two-year yield inched up half a basis point to 0.695 percent, extending its climb after hitting 0.615 percent last week.

The five-year yield rose the same amount to 1.160 percent, pulling further away from a six-month low of 1.070 percent touched last week.

JGBs slipped on Tuesday after a 10-year offer produced the weakest bid-to-cover ratio in more than three years due to poor demand after many investors saw the new issue's 1.7 percent coupon as too low.
 
FOREX-Yen takes breather from short-cover rally
By Masayuki Kitano

TOKYO, Sept 6 (Reuters) - The yen eased against the dollar and euro on Wednesday, taking a breather from a short-covering rally that pushed the Japanese currency to two-week highs earlier this week.

The yen had rallied after solid Japanese capital spending data on Monday prompted traders to trim huge yen short positions that had piled up since late last month when Japan's consumer price data for July came in below expectations.

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But its rally fizzled this session as such yen-buying subsided and as Japanese investors snatched up dollars and euros, attracted by their higher yields, traders said.

"I think Japanese customers, probably mainly individuals, are stepping in to buy dollars at levels near 116 yen and also at levels above 115 yen because of interest rate differentials," said a dealer for a Japanese bank.

Other traders said the yen was hurt due to dollar buying by Japanese institutional investors and importers.

The dollar stood at 116.35 yen as of 0540 GMT, up from around 116.10 yen in late U.S. trading on Tuesday, and off a two-week low of 115.57 yen hit on electronic trading platform EBS on Tuesday. The euro edged up to 149.10 yen compared with around 148.80 yen in late U.S. trading, and off Tuesday's two-week low of 148.25 yen on EBS.

Against the dollar, the euro was little changed at $1.2812.

The yen got a a very small lift to around 116 yen from around 116.06 yen earlier in the session on news that Japan's Princess Kiko had given birth to a baby boy, the first male heir born into the royal family in more than four decades.

The Australian dollar fell after data showed that Australia's second-quarter gross domestic product grew a smaller-than- expected 0.3 percent from the previous quarter. The Australian dollar stood at 76.80 U.S. cents, down from around 77.10 cents in late New York trading.

EVENT RISKS

Monday's upbeat capital spending data has kept alive the possibility that the Bank of Japan could boost interest rates again later in the year after lifting them for the first time in six years in July.

Traders said they were waiting for BOJ Governor Toshihiko Fukui's comments after a two-day BOJ policy board meeting ends on Friday to hear the central bank's view on core consumer prices and the implications they may have on monetary policy.

"I don't think the weak yen trend has reversed course, but things might change depending on what Fukui says," the trust bank dealer said.

In the near-term, the yen could resume its rise ahead of a Group of Seven finance ministers meeting in Singapore later this month, where discussions may touch upon the issue of global imbalances -- a potentially negative topic for the dollar, traders and analysts say. "Yen buying is likely to continue for now as the market shifts its focus to political issues from interest rate differentials and as players feel the need to square positions after piling up huge yen short positions," said a dealer at a Japanese bank.

A report released on Tuesday by the Organisation for Economic Cooperation and Development, which said Japan should avoid raising interest rates until it has more clear-cut evidence that core inflation is firmly in positive territory, was cited by some traders as a potentially negative factor for the yen.

In contrast, the OECD said the Federal Reserve may need to raise interest rates further to ensure price stability and the European Central Bank can afford to raise euro zone rates towards neutral levels now that the economic recovery looks solid enough. (Additional reporting by Chikako Mogi)
 
gipa69 ha scritto:
Investment Strategy
by Jeffrey Saut
“A New Queen Bee!?”
“By the time a queen bee is five she is old and no longer reproduces, leaving her army of honeybees torn between loyalty and survival. Since the hive cannot survive without a productive queen, the beekeeper reached into the hive with a long-gloved hand and squashes the enfeebled queen. With the entire hive as witness, all know the queen is dead. Absent the scent of their leader, the honeybees panic.

But the beekeeper is prepared, having ordered a new queen from a bee breeder. Arriving in a two-inch-long wooden box with a screen at the top and bottom, the queen is accompanied by a court of six to eight escort bees who care for her every whim, cleaning and feeding her, removing her waste. At one end of the box a tiny piece of hard candy blocks access to the queen. When the box is inserted into the hive, the first instinct of the worker bees, who immediately know she has the wrong scent, is to kill the new queen. The workers struggle to reach her, but are blocked by the candy. Soon they become diverted by the sweet, and over the two or three days it takes to eat through it they succumb to the enticement. Their fealty is won. All hail the new queen bee.”

. . . “Three Blind Mice,” Ken Auletta

Something similar to that “queen bee” sequence could be happening currently. The “old queen” has been interest rates. The “new queen” may be “money” as the Federal Reserve added $36 billion to the nation’s money supply (M2) last week. September 4, 2006
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gooood morning bbbbanda

ottimo, Gipa, ottimo
qwesta kosa mi altera un poko i pensieri che avevo
e conferma i tuoi ..... manaccia ....
 
Bonjour a tout les bondaroles

ucci ucci :ghh: si profila una bella apertura in gapdown per il T-Bronx , mi ricorda tanto la classica regola dei 3 gap dw su inizio ribasso :cool:
ieri OI in calo di 12k , quindi prese di profitto anche se il dato è ancora inquinato degli ultimi roll

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Fleursdumal ha scritto:
Bonjour a tout les bondaroles

ucci ucci :ghh: si profila una bella apertura in gapdown per il T-Bronx , mi ricorda tanto la classica regola dei 3 gap dw su inizio ribasso :cool:
ieri OI in calo di 12k , quindi prese di profitto anche se il dato è ancora inquinato degli ultimi roll

Immagine sostituita con URL per un solo Quote: http://www.investireoggi.it/phpBB2/immagini/1157537741gnoccoland.jpg
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Sveglia presto oggi... :D :D
 
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