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Bunds Pare Gains Following US Data

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Bunds pare gains following the latest round of “hawkish” US data, where unit labour costs printed higher than expected and nonfarm productivity came in below consensus.

  • Resurfacing headlines on a potential Israel-Hamas ceasefire may have also factored into the sell-off.
  • Bunds are now +8 at 130.16, down from an intraday high of 130.71.
  • The German cash curve has lightly twist steepened, with 2-year yields 1bp lower today.
  • The 10-year BTP/Bund spread has widened almost 2bps over the last hour but remains 1.5bps tighter today at 131.8bps.
  • ECB implied rates were little changed by the US data (akin to Fed pricing noted above), with 21bps of cuts priced through the June meeting and 63bps of easing priced through the remainder of ’24.
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Bunds pare gains following the latest round of “hawkish” US data, where unit labour costs printed higher than expected and nonfarm productivity came in below consensus.

  • Resurfacing headlines on a potential Israel-Hamas ceasefire may have also factored into the sell-off.
  • Bunds are now +8 at 130.16, down from an intraday high of 130.71.
  • The German cash curve has lightly twist steepened, with 2-year yields 1bp lower today.
  • The 10-year BTP/Bund spread has widened almost 2bps over the last hour but remains 1.5bps tighter today at 131.8bps.
  • ECB implied rates were little changed by the US data (akin to Fed pricing noted above), with 21bps of cuts priced through the June meeting and 63bps of easing priced through the remainder of ’24.