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EGB/Gilt - An incredibly busy session

BONDS
  • An incredibly session across assets, with all the action in FX during the morning European session, and this was followed by Govies this afternoon.
  • Bonds plummeted, with Bund breaching the 2014 peak in Yield.
  • Bund has now bounced off the low, just short of next support at 140.00, printed 140.15 low.
  • Peripheral are tighter, Portugal leads by 2.3bps, albeit within past ranges.
  • Most notable moves has been in the UK, UK 10yr Yield broke above 3.5%, highest since 29/04/11.
  • In terms of technical, next support comes at 101.71 2.618projection of the Aug 22 - 24 - 26 price swing.
  • That support has held, and Gilt printed a 101.81 low.
  • Continued widening between the the UK and German 10yr yields.
  • Gilt/Bund spread is now 10bps wider, highest since 29/04/15.
  • Next immediate resistance is at 154.84, the April 2015 high.
  • A clear break through the later, opens to the March and the 2015 peak at 162.10bps.
  • The latter is also the widest print since April 1997.
  • Looking ahead, attention turns to the EU, UK, US prelim PMIs tomorrow.
  • Also on the Agenda for the UK, Parliament website confirms tomorrow's Commons sitting starts 0930BST.
  • The Chancellor's fiscal event is the only business of the day, meaning a short time after 0930BST ('prayers' take place at exactly 0930) he will stand and deliver his statement.
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