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Close to the intraday highs

BONDS
  • Core fixed income has moved higher this morning and at the time of writing USTs and Bunds are both close to their highs of the day (with gilts also higher but 10-year yields around 1.5bp off their intraday lows).
  • UK labour market data has been the biggest release of the morning. Markets initially reacted to the higher-than-expected wage numbers, but by the time gilts opened the focus had switched to the softening of the employment level and the rise in the unemployment rate. Gilts hit their highs of the day on the open.
  • The moves in USTs seem to be following on from richness seen through the Asian session (and were also helped by the moves higher in gilts in early European trading). Bunds have generally followed USTs today, with Italian IP stronger than expected but the ZEW survey mixed.
  • There is not much on the docket today with markets already having one eye on tomorrow's US CPI data.
  • TY1 futures are up 0-10 today at 111-14+ with 10y UST yields down -4.0bp at 3.957% and 2y yields down -2.7bp at 4.834%.
  • Bund futures are up 0.39 today at 131.46 with 10y Bund yields down -3.8bp at 2.598% and Schatz yields down -0.2bp at 3.279%.
  • Gilt futures are up 0.29 today at 930.05 with 10y yields down -2.8bp at 4.607% and 2y yields down -2.2bp at 5.328%.
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