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Continuing to move lower

EGBS
  • Bunds continue to move relentlessly off their highs. This morning after media reports that the UK was likely to enact its Plan B for Covid-19 as soon as tomorrow, Bund futures hit a high of 175.02. This was above the 174.89 high of December 3, but coincided with the 1.382 projection of the Nov 11-22 price swing.
  • However, after reports of positive preliminary results from a third dose of the Pfizer vaccine, Bunds have reversed 130 ticks off the high at writing to 173.72. The next key support comes in at 173.31, the December 1 low.
  • Peripheral spreads have also widened notable, with 10-year spreads wider by: 6.8bp for Greece, 5.5bp for Italy, 2.9bp for Portugal and 2.5bp for Spain.
  • BTP futures are down 130 ticks on the day to 148.70, with the 148.25 December 1 level the next support.
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