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EGB/Gilt - Attention turns to NFP

BONDS

A more subdued, calmer session for EGBs, with ALL EYES on NFP tomorrow.

  • Contracts have held onto gains, but we mostly trade at mid ranges.
  • Italy and Spain have outperformed Bund today, with report of decent buying on screens this morning and this afternoon in 10yr.
  • As such, Spain and Italy are 2.6bps, and 3bps respectively tighter versus the German 10yr.
  • BoE day, saw the meeting on the balance as expected.
  • Bailey said that the MPC is focused on medium term inflation risks.
  • On sequencing, Bailey said he "pushes back" on view that interest rates are not the active tool and that interest rates are the primary tool.
  • Gilts are trading close to flat on the session, while the Gilt/Bund spread has widened by 1.8bp.
  • Looking ahead, Fed's Kashkari speaks at virtual townhall event.
  • But focus will be squarely on NFP tomorrow.
  • Gilt futures are up 0.04 today at 130.18 with 10y yields up 1.7bp at 0.528% and 2y yields up 2.5bp at 0.083%.
  • Bund futures are up 0.34 today at 177.28 with 10y Bund yields down -0.1bp at -0.503% and Schatz yields unch at -0.785%.
  • BTP futures are up 0.62 today at 155.59 with 10y yields down -3.3bp at 0.519% and 2y yields down -0.2bp at -0.504%.
  • OAT futures are up 0.39 today at 162.87 with 10y yields down -1.3bp at -0.165% and 2y yields up 0.1bp at -0.721%.
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