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EGBS: Bunds Close In On Bull Trigger As FI Rally Extends

EGBS
Homepagemarkets-real-timeEurozoneBulletGlobalFixed Income BulletsRegionMarkets

After falling to intraday lows after the US CPI data, Bund futures have recovered ~80 ticks, now +67 at 135.44. Key resistance and the bull trigger is defined at 135.66, the August 5 high.

  • Equity weakness will have supported the rally in FI, with the latest inventory-driven sell-off in crude oil futures also helping underpin the space.
  • 10-year peripheral spreads to Bunds have widened over the last ~90 minutes as a result of the equity moves, but the 10-year BTP/Bund spread remains 1.5bps tighter today.
  • 10-year BTP yields have tested the YTD low at 3.523%.
  • Euribor futures are now flat to +8.0 ticks through the blues, with ERZ6 having pierced the Jan 4 high at 98.050.
  • ECB-dated OIS price 64bps of easing through year-end (vs 62bps post the US data).
  • Regional focus turns to tomorrow’s ECB meeting.
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After falling to intraday lows after the US CPI data, Bund futures have recovered ~80 ticks, now +67 at 135.44. Key resistance and the bull trigger is defined at 135.66, the August 5 high.

  • Equity weakness will have supported the rally in FI, with the latest inventory-driven sell-off in crude oil futures also helping underpin the space.
  • 10-year peripheral spreads to Bunds have widened over the last ~90 minutes as a result of the equity moves, but the 10-year BTP/Bund spread remains 1.5bps tighter today.
  • 10-year BTP yields have tested the YTD low at 3.523%.
  • Euribor futures are now flat to +8.0 ticks through the blues, with ERZ6 having pierced the Jan 4 high at 98.050.
  • ECB-dated OIS price 64bps of easing through year-end (vs 62bps post the US data).
  • Regional focus turns to tomorrow’s ECB meeting.