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Bunds challenging intraday lows again

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  • As we noted earlier, Bunds fell around 40 ticks on the cash open about an hour ago, hitting a lot of 131.10. We then moved back up to around 131.41 around 7:45GMT / 8:45CET but at the time of writing we are coming back to challenge the intraday lows. This equates to 10-year Bund yields moving around 5bp higher on the day.
  • There are no obvious headline drivers for these moves. We have heard from Banque de France Governor Villeroy who said that the peak of inflation is likely to be seen in H1 but that it will take until the end of 2024 or beginning of 2025 to get back to target. These comments are all in line with what he said yesterday.
  • Peripheral spreads have also widened a bit this morning, but less than the outright moves seen in Bund yields.
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  • As we noted earlier, Bunds fell around 40 ticks on the cash open about an hour ago, hitting a lot of 131.10. We then moved back up to around 131.41 around 7:45GMT / 8:45CET but at the time of writing we are coming back to challenge the intraday lows. This equates to 10-year Bund yields moving around 5bp higher on the day.
  • There are no obvious headline drivers for these moves. We have heard from Banque de France Governor Villeroy who said that the peak of inflation is likely to be seen in H1 but that it will take until the end of 2024 or beginning of 2025 to get back to target. These comments are all in line with what he said yesterday.
  • Peripheral spreads have also widened a bit this morning, but less than the outright moves seen in Bund yields.