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EGBS: Retrace From Highs As US Data Is Digested

EGBS

Major EGB futures have retraced from intraday highs as markets digest this afternoon’s US data releases, with focus turning swiftly to tomorrow’s payrolls release.

  • Bund futures are now -2 at 134.04, having reached a high of 134.29 earlier. The Aug 22 high at 134.50 remains intact.
  • OAT and BTP futures have seen similar price action, with BTP futures unable to stay above the Aug 22 high and bull trigger at 119.90, for now.
  • 10-year BTP and OAT spreads to Bunds are thus back at pre-US data levels (142bps and 70bps respectively), holding onto most of the tightening seen after Michel Barnier was announced as the French PM.
  • Tomorrow’s regional calendar features the final Eurozone Q2 GDP release. The headline GDP print may be revised down to 0.2% Q/Q (vs 0.3% initial) after this morning’s Irish data saw a downward revision. However, more interest will lie in the details on unit labour costs, unit profits and the GDP deflator. 
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