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Bonds are gapping higher

BUNDS
  • Bund and Tnotes have gapped back higher overnight retracing some of Yesterday's sell off, after some desks took Madame Lagarde on the Hawkish side, but as was expected, no real hint on October rate move, Data dependency remains.
  • The street now turns its attention to the Fed next week, and the size of the cut, a 25bps is widely expected.
  • The standout early flow is in the Euribor, with the strip also recovering from Yesterday's worst levels, the White/Red strip already traded more volume than the Bund, Bobl or Schatz overnight, a little behind now since the Cash Govie open, focus is still on the Calendar spreads in Rates.
  • Despite some of the recovery in Bund, the contract is still short of the August low in Yield term, this equated to circa 135.53 Yesterday (will update).
  • Initial support is at ~134.70 (gap), followed by 134.37.
  • Today sees, the French final CPI, BoE/Ipsos Inflation, EU IP, but the prelim US Michigan has more potential to move markets.
  • SPEAKERS: ECB Rehn, Lagarde.
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