EGB/Gilt - Impressive volume session for Bund

Although EGBs have somewhat been limited in terms of big ranges, this has been a busy session in terms of volumes.

• Bund trading circa 100k lots per hour, is what we call a standout session in liquidity.
• Bund have stayed under pressure in early trading, but we are fading off the lows as the US starts to come in.
• Risk remains tilted to the downside.
• Peripheral are mostly mixed, but Greece is sticking out, with the Greek/German 10yr spread 4.5bps wider.
• Gilts sees December now front month, with the majority of the rolls done, 83% complete.
• Looking ahead, US, sees GDP and Core PCE, but these are second readings, so unlikely to move the needle.
• Today's speakers include, ECB Rhen, Villeroy and Schnabel.
• ECB also publish their minutes from the 21-22 July meeting.
• Fed speakers appear on Network TV, 0730ET KC's George (Bloomberg), 0800ET Bullard (CNBC), 1030ET Dallas' Kaplan (CNBC).
• 2000ET Full Jackson Hole Agenda Released