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BTP Futures Eye 120 Resistance

BTP

BTPs rally on the softer-than-expected ECB core inflation expectations and U.S. data, as pricing of ’24 ECB & Fed rate cuts deepens a little.

  • Futures briefly printed above 120.00 before fading back to 119.90 at typing.
  • An extension higher would target the December 27 high at 120.65.
  • This week's price action has seen a bullish reversal in the contract after a breach of key short-term resistance at 118.81 (Jan 30 high).
  • BTP yields are 5.5-8.5bp lower, with the belly leading the rally.
  • The 10-Year BTP Bund spread is ~2bp tighter on the day, last printing 130.5bp., registering another fresh cycle tight.
  • Focus now turns to President Lagarde's ongoing press conference.
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