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A busy early start

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BulletMarketsFixed IncomeForeign Exchange
  • It was a busy early start for EGBs, Bund and Rates (Euribor).
  • Short end 2yr, 5yr and 3 Months took the lead, as investors reprice Rate path outlook.
  • This resulted in a 167 ticks range for Bund, rallying through 148.00 and printing a 149.00 high.
  • Contracts have since reversed most of their rallies, likely driven by some position covering.
  • Bund is back in the red at 147.77, with a 147.33 low at the time of typing.
  • Peripherals spreads are mixed, Greece is 3.9bps tighter, while Italy is 2.2bps wider against the German 10yr.
  • UK Retail data, saw M/M prints 2 tenths better but downward revisions lead to lower Y/Y prints.
  • April revision was largely due to the annual SA adjustments - rather than an actual big downward revision in the raw data.
  • US Treasuries took their cue from the price action in Europe, and rallied with the German Bund, and have now also reversed to trade back to flat in Tnotes.
  • Looking ahead, US Michigan is the final reading.
  • More focus on speakers, given the latest set of data, and recession right at the forefront.
  • Today includes, ECB Centeno, de Cos, Guindos, Fed Bullard, Daly, and BoE Pill, Haskel.
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  • It was a busy early start for EGBs, Bund and Rates (Euribor).
  • Short end 2yr, 5yr and 3 Months took the lead, as investors reprice Rate path outlook.
  • This resulted in a 167 ticks range for Bund, rallying through 148.00 and printing a 149.00 high.
  • Contracts have since reversed most of their rallies, likely driven by some position covering.
  • Bund is back in the red at 147.77, with a 147.33 low at the time of typing.
  • Peripherals spreads are mixed, Greece is 3.9bps tighter, while Italy is 2.2bps wider against the German 10yr.
  • UK Retail data, saw M/M prints 2 tenths better but downward revisions lead to lower Y/Y prints.
  • April revision was largely due to the annual SA adjustments - rather than an actual big downward revision in the raw data.
  • US Treasuries took their cue from the price action in Europe, and rallied with the German Bund, and have now also reversed to trade back to flat in Tnotes.
  • Looking ahead, US Michigan is the final reading.
  • More focus on speakers, given the latest set of data, and recession right at the forefront.
  • Today includes, ECB Centeno, de Cos, Guindos, Fed Bullard, Daly, and BoE Pill, Haskel.