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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

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European sovereign bonds have traded weaker this morning and curves have bear steepened.

  • Gilts have lacked direction and trade close to flat on the day in the aftermath of yesterday's BoE decision to taper weekly bond purchases.
  • Bund yields are 1bp higher on the day.
  • OATs have underperformed bunds and remain offered with yields 1-3bp higher and the curve 2bp steeper.
  • The BTP curve has similarly bear steepened with the 2s30s spread 2bp wider.
  • The ECB's Martins Kazaks earlier indicated that a decision to slow bond purchases was possible in June.
  • The UK Conservative party won an historic by-election in the long-held Labour seat of Hartlepool, marking the latest setback for the beleaguered opposition.
  • Germany industrial production data for March came in stronger on the month (2.5% M/M vs 2.2% survey) but weaker on the year (5.1% Y/Y vs 5.7%).