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BONDS: TY & Bund Support Holds, Oil Downtick Helps, Gilts Outperform

BONDS
BulletMarketsFixed Income Bullets

Technical support in both TY & Bund futures holds, with a downtick in oil (driven by Libyan supply headlines) allowing both contracts to recover from session lows in recent trade.

  • Tsy yields 1-2bp higher, 10s lead the sell off.
  • German yields 2-5bp higher, bear steepening.
  • Gilts remain the outperformer after BoE Governor Bailey’s dovish comments, yields little changed to 5bp lower on the day, bull steepening. 10s tighten by ~6bp vs. Bunds, paring a little of the recent pronounced widening.
  • The remainder of today’s macro calendar is headlined by U.S. data (namely weekly jobless claims and the ISM services survey) & the latest round of Fedspeak.
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Technical support in both TY & Bund futures holds, with a downtick in oil (driven by Libyan supply headlines) allowing both contracts to recover from session lows in recent trade.

  • Tsy yields 1-2bp higher, 10s lead the sell off.
  • German yields 2-5bp higher, bear steepening.
  • Gilts remain the outperformer after BoE Governor Bailey’s dovish comments, yields little changed to 5bp lower on the day, bull steepening. 10s tighten by ~6bp vs. Bunds, paring a little of the recent pronounced widening.
  • The remainder of today’s macro calendar is headlined by U.S. data (namely weekly jobless claims and the ISM services survey) & the latest round of Fedspeak.