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Bunds Erase Friday Rally on Strong Euro PMIs

EGB SUMMARY
  • Bund futures trade notably weaker, with the Dec-21 contract printing a new intraday low just ahead of the NY crossover. Bunds have now fully retraced the whole of Friday's rally to narrow the gap with first support at 170.88. A a clear break through the level opens yield resistance at -0.210%, which would equate to 170.41 in prices.
  • Solid European PMI data has been the primary catalyst, with French and German manufacturing and services sectors growing faster than forecast.
  • The Gilt curve trades bear flatter, reinforced by upbeat commentary from BoE's Haskel, who re-stated that the path of rates is upwards.
  • Focus turns to US PMI data as well as Biden's speech on inflation and the economy at 1400ET/1900GMT.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
HomepageBond Market Newsmarkets-real-timeBulletMarketsFixed Income Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
HomepageBond Market Newsmarkets-real-timeBulletMarketsFixed Income Bullets

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