[MARKET ANALYSIS] T-note futures take a breather after recent energy-facilitated momentum and mixed US auctions
T-note futures are pausing after oil-driven gains. Mixed US auction results and upcoming Japanese liquidity auctions are keeping global bond markets range-bound amid Fed policy uncertainty.
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USTs: +0.5 ticksTrades range-bound and takes a breather after climbing across the curve as oil prices tumbled, while there were mixed results from the prior day's two Treasury note auctions as the 2-year auction was strong, stopping through the when-issued yield by 0.5bps, while the 5-year was soft.Bunds: +3 ticksHolds on to recent energy-facilitated spoils but with price action contained overnight around the 125.00 level.JGBs: +1 tickLacks firm direction amid a quiet calendar and with a looming enhanced liquidity auction for long-end JGBs.
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