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Awaiting Fed Powell

BOND SUMMARY

EGBs hold onto gains in early trading.

  • Bund started the session better bid, pushing the curve bull flatter, but we faded going into Auction pricing, with heavy early supplies this morning from France and Spain.
  • Volumes are dominated by rolling positions into June ahead of expiry on Monday.
  • Gilt have traded in line with EGBs, with Gilt/Bund spread trading close to flat on the session.
  • Upside was also limited for the contract going into DMO selling £2.75bn of 10yr.
  • US Treasuries have traded within overnight ranges, with ALL EYES on Fed Powell at 17.00GMT/12.00ET.
  • Some institutions are speculating that we could have comments on Yield, which will be revealed.
  • Looking ahead, US IJC, Durable goods and Factory Orders.
  • OPEC meeting, and of course US Fed Powell.
  • Bund futures are up 0.15 at 174.10
  • BTP futures are up 0.12 at 150.10
  • OAT futures are up 0.06 at 164.11
  • Gilt futures are up 0.10 at 129.33
  • TY1 futures are up 0-1+ at 134-06
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