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Bunds And Gilts Bounce After US Data Drop, Eyeing Round Number Support

BONDS
Though Europe led the way in the morning, North America has been in the driver's seat this afternoon. US Treasuries first dropped sharply after stronger-than-expected US retail sales data and strong import prices, offset by a soft Empire State report - high Canada CPI may have contributed as well - then bouncing back above pre-release levels.
  • Price action in Bunds and Gilts has followed suit, with front Bunds dropping 29 ticks to session low 130.14 (nearly at the 130.00 psychological handle) before bouncing 43 ticks to 130.57.
  • Gilts have looked heavier in the aftermath though, falling 22 ticks on the US data before bouncing 33 ticks - but most of that rebound has faded and at 92.28 the contract is 10 ticks below pre-data. Our technical analyst eyes key support at the Jul 7 low at 92.09, beyond that - as with the Bund - round number support at 92.00.
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