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CHINA SETS YUAN CENTRAL PARITY AT 7.0967 FRI VS 7.0968

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EGB/Gilt - Better offered ahead of US Inflation

BONDS
  • EGBs have seen better selling in early trading, so positioning and squaring ahead of the US Inflation data.
  • Bund have traded below this weeks low to print a 176.21 low so far, at the time of typing.
  • Curves have in turn moved bear steeper.
  • German 5s/30s is up, but still short of Monday's high at 72.673, now at 71.949.
  • Peripherals are wider versus the German 10yr, and Italy trades 2.5bps wider.
  • BTP/Bund spread found a short term base at 100.2027, which was the tightest level since 8th April, now at 102.9bps.
  • Gilts are trading in line with Bund, GILT/Bund sits just 0.4bp wider.
  • Similar price action in the curve, with UK 5/30s, steeper, but we are still short of yesterday's high.
  • Range in the Gilt has been somewhat limited, as the contract sticks to a 19 ticks range (129.30/129.49)
  • Looking ahead, US CPI is where all the attention will be.
  • SPEAKERS: Fed Bostic and George
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