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Free AccessBonds and Rates futures remain heavy
- A busier start for Govies and Rates, which saw further early selling pressure into Bund, EGBs and Euribor.
- Futures markets have since bounced off their respective lows, but remains in the red and heavy.
- Bund trades in a 123 ticks range, and the German curve initially bear flattened and tested the July low at 32.090.
- The level has held, and the curve unwinds the early price action.
- Peripherals spreads are wider, and Portugal and Spain lead, by 1.3 and 1.5bp respectively.
- EU final CPI was leaked and came inline with consensus.
- Gilt future outperforms Bund somewhat, although still trade in the red.
- The small divergence has brought the Gilt/Bund spread 1bp tigher, after the spread found resistance at the 22nd March high at 120.05bps, now trading at 119.1bps.
- With Tnotes Future outperforming Bund, the Tnote/Bund yield spread has moved another 5.4bps tighter.
- The spread is below the August low, with next support seen at 175.62bps, 38.2% short term retrace of the June/August widening, now trading at 176.0bps.
- Looking ahead, US Existing home sales and Leading index are the economic releases.
- Fed George and Kashkari are the scheduled speakers.
- And US. will sell $8bn 30y TIPS Reopening.
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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.