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AUDUSD TECHS

Remains Vulnerable

US

Pres Biden Budget Proposal Ests

EURJPY TECHS

Needle Still Points South

USDJPY TECHS

Resistance Remains Intact

FED

Reverse Repo Operation

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Gilts and Bunds are trading fairly flat early Thursday, with periphery spreads a little tighter (BTPs outperforming in a broadly risk-on session so far).

  • With little data for the rest of the session (French confidence figures were broadly in line earlier) and no bond supply, central banks are the focus of the session.
  • BoE's Broadbent speaks at 0930BST, of interest given recent MPC members' comments tilting toward hawkishness.
  • Then of course we get the ECB decision (1245BST) and press conference (1330BST).
  • Focus is on the strategy review and change in monetary policy objective. While Lagarde Q&A will be keenly eyed, also note there will be a change in format with a different style of opening statement.

Latest levels:

  • Sep Bund futures (RX) up 4 ticks at 175.57 (L: 175.49 / H: 175.78)
  • Sep Gilt futures (G) down 1 ticks at 129.36 (L: 129.35 / H: 129.6)
  • Sep BTP futures (IK) up 23 ticks at 153.48 (L: 153.43 / H: 153.65)
  • Italy / German 10-Yr spread 1.5bps tighter at 106.8bps