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BONDS: Fresh Rally As Ukraine Launches First ATACMS Strike Within Russia

BONDS
BulletMarketsFixed Income Bullets

Fresh demand for bonds as RBC-Ukraine reports the first ATACMS strike within Russia.

  • This risk of such action is precisely what triggered the tweak to Russia’s nuclear doctrine this morning and presents a further escalation in tensions.
  • TY, bund & gilt futures to fresh session highs as a result, with continued outperformance for German paper.
  • German yields are now 10-11bp lower, with 5s leading.
  • Bunds outperform gilts and Tsys by ~3bp & ~4bp, respectively, while EGBs are now 1.0-4.5bp wider, with BTPs seeing the most pronounced widening given their high beta to risk-off moves.
  • 10-Year German yields as low as 2.269%, registering the lowest level of the month.
  • Bunds futures as high as 132.99, piercing the 50-day EMA (132.91). Fresh extension higher would expose key resistance at the October 24 high (133.54).
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Fresh demand for bonds as RBC-Ukraine reports the first ATACMS strike within Russia.

  • This risk of such action is precisely what triggered the tweak to Russia’s nuclear doctrine this morning and presents a further escalation in tensions.
  • TY, bund & gilt futures to fresh session highs as a result, with continued outperformance for German paper.
  • German yields are now 10-11bp lower, with 5s leading.
  • Bunds outperform gilts and Tsys by ~3bp & ~4bp, respectively, while EGBs are now 1.0-4.5bp wider, with BTPs seeing the most pronounced widening given their high beta to risk-off moves.
  • 10-Year German yields as low as 2.269%, registering the lowest level of the month.
  • Bunds futures as high as 132.99, piercing the 50-day EMA (132.91). Fresh extension higher would expose key resistance at the October 24 high (133.54).