Bunds Operate Off Recent Session Highs, ECB Minutes Provide Little For Markets

Bund futures look through the somewhat uninspiring (at least at first glance) ECB accounts covering the latest monetary policy decision, with the contract consolidating off session highs that were printed around an hour back, last +110 ticks, with little to note in the way of change on the headline/technical front.

• German cash trade sees 6.5-8.0bp of richening with the belly/intermediates still outperforming the wings.
• Wider core & semi-core EGB curves see similar moves, although they are typically more pronounced, with a tightening bias vs. 10-Year Bunds still apparent.
• In the periphery, Greek underperformance remains evident, widening vs. 10-Year Bunds, while the remainder of the space is tighter at that maturity point.