A look at the day ahead in European and global markets from Wayne Cole.
BOJ's dogged defence
Notably, the BOJ's new 1 trillion yen offer of five-year funds on Monday drew bids for three times as much, suggesting this could prove a useful method of injecting added liquidity into the market. Essentially banks could borrow at an average 0.145% fixed for five years to invest in JGBs - what could go wrong?
The euro hasn't been able to regain its $1.0927 top but did find support at $1.0850. Bulls are hoping the flash S&P global surveys on Tuesday will confirm the EU economy is currently faring better than the United States, in a reversal of fortunes. JPMorgan is forecasting NWE gas storage will be 56% full at the end of winter, nearly 30%-points higher than the five-year average and a drag on prices.
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