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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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Bunds and gilts have outperformed Treasuries today despite some decent data this morning.

  • German GDP disappointed but there were some positive surprises elsewhere, both in the pan-Eurozone data and in Italian, Spanish and (to a lesser extent) French data.
  • Eurozone inflation data also came in higher than expected with the headline rate rising to 2.2%Y/Y (2.0% expected) although core was in line with expectations at 0.7% Y/Y.
  • Despite this better than expected data, peripheral spreads are generally a little wider on the day, with 10-year BTP-Bund spreads widening 0.7bp to 108.0bp.
  • The moves higher for Bunds have seen yields close at their lowest level since February 2.
  • Gilt yields in contrast have managed to close above the 200-dma which has now been breached many times over the past 2 weeks on an intraday basis.
  • Bund futures are up 0.13 today at 176.57 with 10y Bund yields down -1.1bp at -0.462% and Schatz yields down -0.5bp at -0.767%.
  • Gilt futures are up 0.04 today at 129.79 with 10y yields down -0.8bp at 0.564% and 2y yields down -1.4bp at 0.054%.
  • BTP futures are down -0.07 today at 154.28 with 10y yields down -0.4bp at 0.620% and 2y yields unch at -0.453%.