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Bunds See Support From Sell-off In Risk, But Still Short of Resistance

BONDS

Core/semi-core EGBs and Gilts have continued to move higher following the latest sell-off in risk. As noted above, no specific headline to drive the move which began in the equity space, with a sizeable sell program at 1530BST noted.

  • Bund futures are +72 ticks at 132.55, still short of the first resistance at 132.85 (50-day EMA) and some 45 ticks off last Friday’s high.
  • Today’s supply (Austria, Germany and Belgium alongside a 20-year Gilt sale) was well digested, with auctions from the UK (3-year) and Germany (15-year) also due tomorrow.
  • The German, French and UK cash curves continue bull flatten, while 10-year periphery spreads to Bunds have moved away from tightest levels following the bout of equity weakness.
  • ECB- and BoE-dated OIS contracts remain within recent ranges, with 86bps of ECB cuts and 71bps of BoE cuts priced through the remainder of ’24.
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