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15bp move today

BUNDS
  • EGBs continue to remain bid higher with Bund futures having broken through the initial resistance at 133.11 (the 50-day EMA). We hit an intraday high of 133.45 around 15 minutes ago and are are 15 ticks lower at the time of writing.
  • Above here the next level to watch is the July 24 high of 134.01 (with the key resistance at the June 27 high of 135.00).
  • In terms of cash, this puts 10-year Bund yields down over 15bp on the day, with the curve having bull flattened (with the flattening particularly focused in the 5s10s area).
  • The move in Bunds has been helped by the continued underperformance of US banking stocks today after the Moody's downgrade of the sector yesterday, while the ECB's Consumer Inflation Expectations Survey also pointed in a dovish direction and Chinese data was weak overnight.
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