[MARKET ANALYSIS] T-note futures take a breather after rallying yesterday alongside a drop in oil prices, while supply looms.

USTs: -0.5 ticks Took a breather after rallying yesterday as yields slid alongside a drop in oil prices, while supply looms including today's 5yr note auction stateside. Bunds: +28 ticks Remained underpinned as the recent decline in oil prices eases inflationary pressures, but are off the prior day's highs heading into today's Bund issuances and with a source report noting that ECB policymakers are said to be ready to hike rates next month. JGBs: +2 ticks Faded most of its recent gains with the reversal seen following firmer-than-expected Services PPI data and ahead of today's enhanced-liquidity auction for long- to super-long JGBs.