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EGBS: Retrace UK CPI Losses As Syndications Price

EGBS
BulletFixed Income Bullets

EGBs have retraced most of this morning’s UK CPI-inspired losses, but remain weaker on the day.

  • With little other macro news flow to note today, the removal of syndication-related hedging pressure may have provided some support to the space.
  • Brent crude also remains over 1% weaker, though Euro inflation swaps are little changed.
  • Bunds are -19 ticks at 130.65, with today’s low of 130.30 having been tested twice since the UK data.
  • ECB-dated OIS contracts price 65bps of cuts through the remainder of this year. Bank of Finland Governor Rehn added little new to the debate, not committing to any rate path beyond the June meeting.
  • The regional data calendar picks up tomorrow, with May flash PMIs and the ECB’s Q1 negotiated wages indicator. 
  • Today’s German March negotiated wages print may prevent the Eurozone-wide measure from decelerating from Q4’s 4.5% Y/Y (see more  in our separate post above). 
     
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EGBs have retraced most of this morning’s UK CPI-inspired losses, but remain weaker on the day.

  • With little other macro news flow to note today, the removal of syndication-related hedging pressure may have provided some support to the space.
  • Brent crude also remains over 1% weaker, though Euro inflation swaps are little changed.
  • Bunds are -19 ticks at 130.65, with today’s low of 130.30 having been tested twice since the UK data.
  • ECB-dated OIS contracts price 65bps of cuts through the remainder of this year. Bank of Finland Governor Rehn added little new to the debate, not committing to any rate path beyond the June meeting.
  • The regional data calendar picks up tomorrow, with May flash PMIs and the ECB’s Q1 negotiated wages indicator. 
  • Today’s German March negotiated wages print may prevent the Eurozone-wide measure from decelerating from Q4’s 4.5% Y/Y (see more  in our separate post above).