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EGBS: BTP Futures Pierce Key Resistance as EGBs Extend Higher

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

We did not see an obvious headline trigger for the sharp extension higher in EGBs, and major futures have pulled back a little from intraday highs at typing.

  • Bund futures rallied ~50 ticks from lows to a high of 135.39, but now trade at 135.30. Next resistance in Bund futures is 135.50, corresponding to the August 5 yield low of 2.078%.
  • BTP futures have pierced the December 2023 high and key resistance at 121.43, with 10-year BTP yields testing last year’s low. A clear breach of 121.43 in futures would open up round number resistance at 122.00.
  • The German and French cash curves have lightly bull flattened this morning, while 10-year peripheral spreads to Bunds are little changed.
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We did not see an obvious headline trigger for the sharp extension higher in EGBs, and major futures have pulled back a little from intraday highs at typing.

  • Bund futures rallied ~50 ticks from lows to a high of 135.39, but now trade at 135.30. Next resistance in Bund futures is 135.50, corresponding to the August 5 yield low of 2.078%.
  • BTP futures have pierced the December 2023 high and key resistance at 121.43, with 10-year BTP yields testing last year’s low. A clear breach of 121.43 in futures would open up round number resistance at 122.00.
  • The German and French cash curves have lightly bull flattened this morning, while 10-year peripheral spreads to Bunds are little changed.