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USDJPY TECHS

Consolidating Below Resistance

EURGBP TECHS

Approaching Key Support

US TSYS

Hovering Just Off Monday's Late Cheaps

GBPUSD TECHS

Climbs Above The 20-Day EMA

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EGBs are consolidating some of the decent post Fed sell off.

This looks more corrective and led by US treasuries.

German curve unwinds some of the steepening bias with 5/30s hovering at session low.

US/German 10yr spreads has tightened by 5.6bps to 172.2bps.

Peripheral spreads are all trading wider against the German 10yr, with Portugal, Spain and Greece around 2.6bps, and Italy by 4bps.

Looking ahead, ECB Visco speaks at 2021 IIF G20 conference.

Bund futures are down -0.19 today at 172.34 with 10y Bund yields up 1.7bp at -0.186% and Schatz yields up 0.8bp at -0.673%.

BTP futures are down -0.60 today at 151.30 with 10y yields up 5.1bp at 0.828% and 2y yields up 2.8bp at -0.381%

OAT futures are down -0.37 today at 158.57 with 10y yields up 3.1bp at 0.164% and 2y yields up 0.2bp at -0.653%.