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Bunds and Gilts Extend To Intraday Highs

BONDS

There hasn't been much in the way of macro headline-flow driving the latest extension higher of core FI, with Bunds now +49 at 133.77 and Gilts +51 at 98.01 at typing. Price actions appears consistent with short covering, with contracts unable to reach Friday's best levels thus far and technical resistances also still some way off.

  • A reminder that volumes have been subdued through the European morning, with many Asia-Pac participants out due to Lunar New Year, and a near-empty data docket to start the week.
  • The wider FI space will be supported somewhat by Brent futures, which are just over 1% lower today. EUR 5y5y inflation swaps are a touch lower as a result.
  • 10-year periphery spreads to Bunds remain tighter, even as European equities move away from intraday highs.
  • Participants will look to Fed/ECB/BoE-speak through the afternoon, alongside 1-year NY Fed inflation expectations at 1600GMT.
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