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EGB/Gilts - BTP spike on ECB headline

BONDS
  • Bund and EGB's continue to unwind some of the large rallies today.
  • Risk is also recovering from the low, which is helping,
  • Peripherals are outperforming following a headline from ECB Holzmann, one of the most Hawkish member, saying that "the Ukraine conflict may delay the stimulus exit."
  • BTP jumped 76 ticks on the Holzmann headline, and through resistance at 140.33.
  • Above here would open to 140.91/14 20-day EMA / High Jan 9, which the contract tested, printing 141.04 high, now at 140.60.
  • Peripheral are all tighter, besides Greece, now 3.6bps wider, while Italy is 8bps tighter after the spike in the BTP.
  • Gilts has lagged Bund this afternoon and trade 3bps wider on the session
  • Looking ahead, ECB Schnabel, BoE Broadbent, Pill, Fed Bostic, Mester and Daly are still scheduled to speak
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