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Bunds And Gilts Reverse To Session Lows

BONDS
Bunds and Gilts look set to end the week on a bearish note, with a reversal lower after an initial jump higher after Fed Chair Powell's anticipated Jackson Hole speech brought limited surprises.
  • The move in the past hour is tied to a bearish reversal in Treasuries post-speech, and has extended bear flattening in both the UK and German curves.
  • Front Gilts hit session highs of 94.60 at 15:16UK time but in the ensuing half-hour reversed 69 ticks to a session low 93.91, last 94.01. Immediate support is eyed at 93.73, 20-day EMA.
  • Bunds didn't quite get to session highs post-Powell but jumped 23 ticks to 132.43 before falling to day's lows at 131.86, down 63 ticks on the day. It's bounced a bit from there (support in that area: 131.91/20 20-day EMA / Low Aug 23).
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