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A busier morning session

BOND SUMMARY

A busier morning session for Global Govies.

  • EGBs volumes are running at 180% of the 15 day average, but also note that the past 15 day volume have been on the lower side, so not necessarily a full representation.
  • Bund was under early pressure, brushing aside the German GFK data miss (rarely a market mover).
  • Price action dragged BTP lower, and the BTP/Bund spread above 110 handle, now at 111.75.
  • Immediate upside target comes at 113.804 (02/02 high).
  • Early Equity bid, was one of the driver, after good Bank early earnings, saw Energy, Bank, and Financial services leading gains in Stoxx600.
  • Long squared, and early positioning was noted ahead of the FOMC later today.
  • Gilts were dragged lower in tandem with Bunds.
  • The EU/UK trade deal was mostly talked about for the past 12 hours, but still a contributing factor on the more positive outlook
  • US treasuries dipped lower, pushing US 10yr yield to the 14-15th April high at 1.6483%, printed a 1.6484%hiigh, as investors position for the FOMC
  • Looking ahead, US Wholesale Inventories is the notable data.
  • Most of the focus will be on the FOMC, but most investors see the June meeting as they key one..
  • Earning tech season continues and includes Apple, Ebay and FB today
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