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A busy session post US data

EGB SUMMARY

A busy afternoon session post US data for EGBs.

  • Bund initially retained a bid following the US IJC and advance GDP miss, but we quickly reversed.
  • No clear trigger to explain the sell off, besides France re opening in stages from May 3rd, putting the hope of a Summer boom back on the table.
  • Short term long, positioned ahead of Month end, squared after large selling hit the contract, down to a 169.66 low at the time of typing.
  • Some reflation trade have been may have also been a contributing factor, with Equities falling on the back of higher yield.
  • BTP tested 146.84 Low Feb 26 and the bear trigger (printed 146.77 low)
  • BTP 10yr yields is now highest since September 2020..
  • Next upside target is at 0.997% (21/09/20 high) and 1.00% psychological level.
  • Peripherals trade mixed, with Greece 1.8bp tighter, while Italy spread against German 10yr sit at 0.8bp wider.
  • Looking ahead, Fed Quarles is the only speaker left for the day.
  • Earning tech season continues, which today include Twitter and Amazon after markets
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