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BoE & IFO Focus

BONDS

EGBs have edged lower in early European trade with long-end yields broadly 1bp higher and marking a continuation of yesterday's afternoon sell-off. The dollar is losing some ground against G10 FX with NOK and SEK slightly outperforming on the day. Today's BoE meeting and German IFO data will be the focus.

  • Beyond the German IFO prints for June, which will be published at 0900GMT, the data slate is relatively light. French business confidence came in slightly better than expected, while the final Spanish GDP estimate for the first quarter was revised slightly lower.
  • No major policy innovations are expected from the BoE, but the composition of the vote and whether another MPC member joins Haldane in calling for a reduction in the QE target will be watched closely.
  • While the BoE will take centre stage today, the ECB's Panetta and Schnabel are also due to speak which could serve as a potential catalyst for price action.
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