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AUSSIE 3-YEAR TECHS

(M1) Directional Triggers Intact

JGB TECHS

(M1) Bullish Focus

AUSSIE 10-YEAR TECHS

(M1) New Multi-Month Highs

USDCAD TECHS

Clearing Major Support

AUDUSD TECHS

Sizeable Resistance Building

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Bunds and Gilts are paring some of Tuesday afternoon's sharp gains, with periphery EGB yields tightening slightly.

  • April final PMIs today: Spanish Services PMI beat expectations, while Italy missed, with an unexpected contraction. EGBs moved a little off the lows following the latter reading.
  • Greece 5-Yr syndication underway, IPTs are MS + 55bps area (GGB spreads to Bunds tighter in the early going); we also get Bobl and (two - 2031 and 2046) Gilt auctions.
  • This afternoon we get appearances by ECB's Vasle (1330BST) and Lane (1500BST). BoE attention is obviously on tomorrow's meeting decision.

Latest levels:

  • Jun Bund futures (RX) down 26 ticks at 170.4 (L: 170.33 / H: 170.64)
  • Jun Gilt futures (G) down 20 ticks at 127.97 (L: 127.88 / H: 128.08)
  • Jun BTP futures (IK) down 9 ticks at 147.59 (L: 147.5 / H: 147.7)
  • Italy / German 10-Yr spread 0.5bps tighter at 109.4bps