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Core FI continuing to move lower

BONDS

After the initial moves higher, FI is moving lower globally with gilts, Treasuries and Bunds all falling to their lowest levels of the week. There has been no single trigger with bonds moving lower all day, but the following are being cited:

  • Expectations that the ECB will not be as dovish as previously expected, this is continued follow through from the Knot comments earlier this week and helped by the better than expected GDP growth in Q4 in Germany, France and Spain reported this morning.
  • Month-end moves (equities have moved in the opposite direction to FI for much of the day).
  • J&J vaccine hopes. After the initial disappointing headlines, there is more hope in the details with 100% of those having the vaccine having avoided hospitalisation and death.
  • Our technical analyst will follow up with what this means for key levels shortly.
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