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Watching The 50-Day EMA


Bearish Focus


Updated Barclays/Bbg Extension Estimates for US


Late Session Selling

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Bunds are outperforming Treasuries and gilts this morning with technicals dictating the divergences here amongst decent moves so far this week.

  • Bunds yields yesterday moved below the mid-February gap at -0.4010% and the 200-dma at -0.3897% but the move was not consolidated as Bund yields closed above these levels. However, despite equities rebounding somewhat this morning, Bunds continue to press higher with these levels under pressure.
  • Concerns surrounding the Delta variant continue to be the predominant talking point for markets, but there is also a view that some of the moves yesterday were a little too much, too fast. Hence, gilts and Treasuries are unch to a little lower this morning while peripheral spreads are mixed.
  • The highlight on the data calendar will be US housing starts / building permits. There are no further ECB/Fed/BOE speakers due up later today.
  • TY1 futures are down -0-2+ today at 134-19+ with 10y UST yields up 0.7bp at 1.197% and 2y yields down -0.6bp at 0.211%.
  • Bund futures are up 0.33 today at 175.85 with 10y Bund yields down -2.6bp at -0.413% and Schatz yields down -1.1bp at -0.708%.
  • Gilt futures are up 0.04 today at 129.99 with 10y yields down -1.7bp at 0.542% and 2y yields down -1.9bp at 0.057%.