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A busy morning session for Bonds

BONDS
  • A very busy morning for Govies, not your typical pre NFP early morning trading session.
  • Bund dipped lower, as US Yield rose overnight, after the US extended the Debt ceiling until December.
  • German 10yr tested the initial yield target we noted at -0.146%, printed a -0.149% high
  • Peripherals are trading inline with Bund and close to flat on the day.
  • Gilt/Bund spread is once again widening this morning, now by another 2.2bps, and widest since May 2016.
  • US Treasuries have dragged EGBs lower, helped by the Debt ceiling extension.
  • Tnotes has traded through next yield resistance that was noted at 1.59%
  • US 10yr is at 1.594% at the time of typing.
  • Looking ahead, ALL EYES will be on NFP, but looking at this morning's price action, it looks like the market is possibly already looking past this release, given the volumes and the sell off.
  • We also get US Wholesale inventories, but final reading for the latter.
  • SPEAKERS: ECB Lagarde, Panetta, and US Yellen.
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