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EGBS: Bunds Off Intraday Highs Post Canada CPI

EGBS

The higher-than-expected Canadian CPI helps Bund futures away from intraday highs, currently +17 at 132.54.

  • We note that Bunds are actually little changed relative to overnight levels, after rallying alongside USTs after the European cash close yesterday.
  • Bunds remain below last Friday’s high, but our technical analyst notes that the latest pause still appears to be a flag - a bullish continuation pattern.
  • Initial support remains some way off at 131.76, the 50-day EMA.
  • Today’s downtick in Brent crude futures has partially reversed, which will have also pressured the space.
  • 10-year peripheral spreads to Bunds are around 1-1.5bps wider today, with European equities also on the defensive. 
  • The pullback in core FI sees ECB-dated OIS unwind a little of the rate cut premium built up this morning, with 44bps of easing currently priced through 2024.
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