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Free AccessBear steepening
A range bound session for core as we start the week.
- Nonetheless the bear steepening trend remains en vogue, with German 5/30s once again trading near session high, and still eyeing the August peak at 72.445 next.
- In peripheral, BTP/Bund is testing 95.00bps, and lowest (tightest) levels since 2015.
- Support target here is at 91.436 (02/12/15).
- US stimulus, US Covid roll outs, Lagarde on EU positive outlook and Mario Draghi's odds of forming a Government boosted over the weekend, has kept Core Bonds better offered and BTP better bid
- Gilts has traded inline with Bund, and the futures contract trades down 33 ticks on the UK Vaccination roll outs, brushing aside some concerns regarding the South African variant.
- US Treasuries, Despite the small unwind in equity markets, core bonds are trading in the red and bear steeper.
- US 5/30s are off their steepest levels in early trade at +152.305bps and last trading at +151.762bps
- Looking ahead, BoE Gov Bailey, Fed's Mester andECB's Lagarde & Villeroy all scheduled.
- No tier 1 data
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.