Trial now
USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

Economists Survey Raises 2021 CPI Forecast To 4.9%

EGB SUMMARY
EGB SUMMARY: Bunds have started the week by giving back a portion of the large
gains of last week. Within the first hour of trading, the Sep-17 contract had
fallen below Friday's low of 164.19. The move is driven by a risk on sentiment
as the North Korean headlines have ebbed. 
- At around 09.20BST, news emerged that China had decided to ban import of coal
and other products from North Korea and so hopes of a diplomatic solution rose,
hurting Bunds in the process.
- Italian government debt is strongly bid a newspaper report picks up upon the
recent decline in Italian bank NPLs caused by rapid sales. The Bund-BTP spread
is 4bp tighter at 161bp but Spanish debt is moving more rapidly to 103bp. Spain
is being assisted by a very positive article about Spanish growth in the WSJ
alongside a decline in geo-political risks.
- Germany issued a new 6m bubill this morning and France does the usual bill
auctions this afternoon but there is no bond supply this week.
- Data has seen Eurozone IP data come close to consensus. Portuguese GDP missed
expectations and grew only 0.2% in Q2.