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USDJPY TECHS

Settles South of Y140

FED

Some FOMC Pushback To CPI Reaction Likely

EURGBP TECHS

Trend Needle Still Points North

US OUTLOOK/OPINION

RBC: Time For The Doves To Spread Their Wings

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BONDS

The German curve has bull flattened with Gilts trading mixed. Core FI futures have come well off morning lows despite sustained gains in equities and significant supply, with periphery spreads tightening.

  • Bund future briefly through (but now below) resistance at 171.84 (previous day's high); Gilt future remained capped by resistance at Sep 16 high of 127.68.
  • Plenty of supply, with E3bln of 7Y Bund, E1bln of Finnish RFGB, and large syndication of inaugural Green gilt (GBP10bln size on books > GBP100bln).
  • Greece the outperformer so far after ECB's Stournaras saying he expects the ECB to buy Greek debt post-PEPP.

Checking on levels:

  • Dec Bund futures (RX) up 28 ticks at 171.83 (L: 171.27 / H: 171.96)
  • Dec Gilt futures (G) up 11 ticks at 127.56 (L: 127.21 / H: 127.69)
  • Dec BTP futures (IK) up 51 ticks at 154.24 (L: 153.72 / H: 154.41)
  • Dec OAT futures (OA) up 30 ticks at 168.15 (L: 167.63 / H: 168.32)
  • Italy / German 10-Yr spread 1.9bps tighter at 101.6bps

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