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Continued large Volumes in German Bonds

CROSS ASSET
  • Continued huge volume in Germany, and especially in Bund and the Schatz.
  • OAT volume has also picked up in the past hour after the French contract saw multiple big Volume sessions this week alone, best in at least a year.
  • French OAT has managed to recover just short of Monday's opening downside gap situated a 124.48, printed a 124.44 high, with the push back higher mostly led by some unwind in the OAT/Bund after trading at some 2017 high extremes.
  • Some investors will have also favoured locking some positions ahead of the weekend.
  • Front white strip in Euribor sees decent buying interest, with 7k just bought in ERH5 earlier.

With the German 10yr Yield below the May's low of 2.40%, looking further out, reference 132.69:

  • 2.350% = 133.10.
  • 2.317% = 133.44 (the April low in Yield).
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