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USDCAD TECHS

Heading South

AUDUSD TECHS

Northbound

EURJPY TECHS

Breaches Key Short-Term Support

US TSYS

Late SOFR/Treasury Option Trade

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BOND SUMMARY

Another choppy, busy session for EGBs and Global Bonds.

  • Bund has resumed its rally, taking its cue from the US price action, with the latter seeing 10yr yields dipping to lowest levels since February.
  • More short covering has supported the upside impetus.
  • German 10yr yield now trades at lowest level since 14th April.
  • Semi core peripheral have lagged Germany, and as such are trading circa 1bp wider against the 10yr.
  • Main news in Europe (not a market driver), was an FT article: "The European Central Bank's policymakers are locked in talks to agree its first new strategy for almost two decades which could be announced as early as Thursday and is likely to amend its inflation target and address climate change and housing costs".
  • Gilts have followed suits with the US, and the 10yr UK yields are now also trading at their lowest level since February.
  • All curves are once again bear flattening today.
  • Looking ahead, all the attention is on the FOMC minutes.
  • This will be followed by Fed Bostic discussing the Economy.

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