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Bull Flattening is the dominant theme

BOND SUMMARY

Global bull flattening the dominant theme.

  • EGBs and Bund are bull flatter, unwinding the steepening bias to trade back toward pre FOMC level.
  • With the lack of data or risk events, desk are likely positioning, squaring going into the weekend.
  • Peripherals trade wider against the German 10yr, with Greece by 1bp.
  • Similar story for Gilts, with the contract trading in tandem with EGBs
  • 5/30s Gilt curve trades near the session low at 95.535, from a 100.963 high.
  • US Treasuries, sees long end outperforming, as in EGBs and the UK, some corrective unwind, following the big steepening bias post FOMC.
  • US 5/30s are now well below pre FOMC.
  • US 10yr yields failed just ahead of the important resistance at 1.7811% (50% retrace of the 2018-2020 fall), printing at 1.7526% high yesterday, and trending circa 1.6767% during our European open.
  • US 5/30s support is eyed at Wednesday's low 153.162
  • Looking ahead, we have no data of note, besides the Canadian retail sales, and on the speaker front, ECB Panetta, Vasle and BoE Cunliffe.
  • After markets, rating from S&P on Belgium and Spain, Moody on EU and Portugal, DBRS on Greece
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