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UK: Week Ahead

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A very busy morning session in Europe

BONDS
  • A busy session for EGBs and Bund, despite the UK out for the Queen's Jubilee, Government Bonds have collapsed, pushing Yields at new multi year highs.
  • German 10yr yield is highest since 2014, with next upside target seen at 1.234%, the 38.2% retrace of the 2008/2020 fall.
  • Reference 150.35 = 150.20.
  • German 2yr Yield highest since October 2011.
  • German 5yr highest since January 2014.
  • BTP was initially leading but futures are off their respective lows at the time of typing.
  • BTP/Bund spread was 2.7bps wider, with next upside target at the 2022 double top at 205.10, which is also the widest print since May 2020.
  • BTP/Bund is now just 0.3bp wider, since the bounce in Futures, at 201.2bps.
  • Volumes in Europe are still dominated by rolling positions into September.
  • Gilts are closed for the UK holidays.
  • Tnotes have taken their cue from the sell off in Europe, but have recovered from their lows, led by EGBs.
  • Looking ahead, US ADP and Factory orders. US Durable goods will be final reading.
  • Speakers include, ECB de Cos, Fed Logan and Mester
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