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Bunds and OATs Remain Close To Intraday Lows

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Bunds and OATs remain close to intraday lows even with the BoE decision leaning dovish and in light of a higher-than-expected U.S. initial jobless claims reading.

  • Bunds moved higher after US jobless claims data, but the move quickly faded, leaving the contract -34 at 131.02 at typing.
  • The reaction to the dovish leaning BoE decision was similar, but smaller in magnitude.
  • Comments from ECB Vice President Guindos added little new to the debate, refraining from any commitment on the rate path beyond June.
  • As such, ECB-dated OIS contracts remain within recent ranges, with 23bps of cuts priced through the June meeting and 71bps of easing priced through year-end.
  • 10-year periphery spreads to Bunds remain wider on the day, with the BTP/Bund spread hovering around 134bps at typing.
  • Tomorrow’s regional calendar includes BTP supply, as well as the minutes from the ECB’s April policy meeting.
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    Bunds and OATs remain close to intraday lows even with the BoE decision leaning dovish and in light of a higher-than-expected U.S. initial jobless claims reading.

  • Bunds moved higher after US jobless claims data, but the move quickly faded, leaving the contract -34 at 131.02 at typing.
  • The reaction to the dovish leaning BoE decision was similar, but smaller in magnitude.
  • Comments from ECB Vice President Guindos added little new to the debate, refraining from any commitment on the rate path beyond June.
  • As such, ECB-dated OIS contracts remain within recent ranges, with 23bps of cuts priced through the June meeting and 71bps of easing priced through year-end.
  • 10-year periphery spreads to Bunds remain wider on the day, with the BTP/Bund spread hovering around 134bps at typing.
  • Tomorrow’s regional calendar includes BTP supply, as well as the minutes from the ECB’s April policy meeting.