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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

BONDS

With few macro/headline drivers, Thursday's session saw largely sideways trading in Gilts and Bunds following a strong start, with periphery spreads mixed.

  • That said, BTPs were a highlight, with 10-Yr yields hitting record low at 0.45%. Italy also provided the lone supply today, and saw strong demand, esp for 3-Yr BTP.
  • Friday's highlight is UK Dec GDP and components; no central bank speakers scheduled nor bond supply.

Closing yields/10-Yr Spreads to Bunds:

  • Germany: The 2-Yr yield is down 0.3bps at -0.717%, 5-Yr is down 1.3bps at -0.704%, 10-Yr is down 2.1bps at -0.458%, and 30-Yr is down 1.4bps at 0.028%.
  • UK: The 2-Yr yield is down 1.2bps at -0.04%, 5-Yr is down 1.8bps at 0.064%, 10-Yr is down 1.9bps at 0.47%, and 30-Yr is down 1.7bps at 1.054%.
  • Italian BTP spread down 2.7bps at 91.4bps/ Spanish spread down 0.4bps at 58bps
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com