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Continuing to move higher while we await a potential ECB statement

BONDS

We have been rather devoid of any headlines of market importance for the past couple of hours but fixed income markets have continued their march higher, albeit

  • Bund futures are now up 65 ticks on the day at 144.24 with 10y Bund yields down -11.2bp at 1.639% and Schatz yields down -12.6bp at 1.094%.
  • TY1 futures are up 0-30+ today at 115-11+ with 10y UST yields down -11.6bp at 3.360% and 2y yields down -13.2bp at 3.300%.
  • Gilt continue to take their lead from Treasuries, with gilt futures up 0.72 today at 112.63 with 10y yields down -12.5bp at 2.460% and 2y yields down -14.4bp at 1.952%.
  • STIR futures up across the curve with SONIA futures up to 19.5 ticks higher, Eurodollar futures up to 18.5 ticks higher and Euribor futures up to 15.0 ticks higher on the day.
  • We still have no real concrete idea of timing of any potential ECB statement (the meeting began at 10:00BST / 11:00CET / 5:00ET). However, we note that Bloomberg has just reported that Bank of Portugal Governor and ECB GC member Centeno has started speaking - indicating that he is no longer in the ECB's meeting.

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