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Core FI heads higher with little new news driving the move

BONDS
  • Treasuries remain within Friday's ranges as we approach the US open while Bund futures have breached Friday's highs by around 5 ticks.
  • The main event of the morning has been the European final services PMIs which saw some upside surprises driven by Spain and an upward revision to the French number from the flash estimate. However, these had little impact on markets at the time, and indeed the drift higher in core FI markets is in contrast to more positive European data. Bund futures are around 70 ticks above Friday's close - but there is little new news in this session driving the move, and there was little movement in either Bund or Treasury futures in the Asian session at all.
  • As we noted in the FOREX bullet, the focus for the duration of the Monday session turns to US hours, with the Senior Loan Officer Survey due as well as appearances from Simkus, Villeroy, Vujcic, Muller, Vasle, Nagel, Panetta of the ECB, as well as Fed's Barkin and Williams.
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