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EGB/Gilt - Another impressive session for EGBs and Gilt

BONDS
  • Another busy session for European EGBs, while more stable in the US Rate space, in terms of volumes.
  • Bund is through 165.37, which was 0.25% in Yield.
  • Next tech support is now at 164.82 Low May 3, 2019 (cont).
  • While the next area of interest in yield comes at 0.306% = 164.54.
  • Peripherals has seen a more subdued price action in the Greek/Bund spread compared to yesterday at least.
  • The same cannot be said for the BTP/Bund, which has widened by another 4.8bps, and widest since 17/07/20.
  • Next upside target is at 168.69bps, now at 159.5.
  • Gilt has seen another impressive session, testing the 1.5% yield resistance.
  • This is the second largest move and Volume session for the year.
  • The Gilt has so far found some dip buying around 1.5%, and in oversold territory.
  • Looking ahead, ECB's Villeroy speaks in Paris.
  • Gilt futures are down -0.67 today at 120.28 with 10y yields up 8.8bp at 1.495% and 2y yields up 7.0bp at 1.332%.
  • Bund futures are down -0.48 today at 165.12 with 10y Bund yields up 4.0bp at 0.265% and Schatz yields down -0.5bp at -0.300%.
  • BTP futures are down -0.21 today at 139.73 with 10y yields up 8.6bp at 1.866% and 2y yields up 3.2bp at 0.332%.
  • OAT futures are down -0.50 today at 156.76 with 10y yields up 5.9bp at 0.724% and 2y yields up 0.3bp at -0.261%.
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