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Bunds attempt to break lower

BOND SUMMARY
  • Bunds have been the underperformer in core fixed income this morning, breaching support at yesterday's low of 171.93 and the June 17 low of 171.80 before moving as low as 171.67. This move saw an intra-day breach of the 50-dma but we have since retraced most of the losses and at the time of writing have moved back to around 172.00. There is no real fundamental driver for the move.
  • Gilts also saw a weak open but have moved back to yesterday's closing levels while Treasury futures are little changed on the day.
  • The economic data calendar is rather quiet today with the highlight being UK public finance data which came in better than expected. US existing home sales are due up later.
  • In terms of central bank speakers the ECB's Lane and Schnabel are both due up as well as the Fed's Mester and Daly.
  • TY1 futures are down unch today at 132-06+ with 10y UST yields down -0.6bp at 1.484% and 2y yields down -0.9bp at 0.247%.
  • Bund futures are down -0.15 today at 172.01 with 10y Bund yields up 0.4bp at -0.169% and Schatz yields up 0.1bp at -0.656%.
  • Gilt futures are down -0.04 today at 127.58 with 10y yields down -0.1bp at 0.767% and 2y yields down -1.7bp at 0.102%.
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