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EGBS: Short Of Intraday Highs As North American Matters Dominate

EGBS
BulletFixed Income Bullets

Bunds are just short of intraday highs as markets digest this afternoon’s North American macro events, with futures currently +21 at 131.35.

  • The ISM survey consisted of a stronger than expected headline reading and a slight moderation in the rate of expansion in prices paid, providing conflicting signals for markets.
  • While there was limited reaction to the dovish-leaning BoC decision, the initial comments at the subsequent press conference have supported bonds.
  • Bunds reached intraday highs of 131.55 around the time of the ISM print before fading.
  • After some volatility around the data, 10-year BTP/Bund spreads have returned to intraday tights, around ~3bps narrower on the day, printing ~130bps.
  • Regional focus turns to tomorrow’s ECB meeting, where a 25bps cut is firmly expected.
  • Supply from Spain and France is also scheduled tomorrow morning.
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Bunds are just short of intraday highs as markets digest this afternoon’s North American macro events, with futures currently +21 at 131.35.

  • The ISM survey consisted of a stronger than expected headline reading and a slight moderation in the rate of expansion in prices paid, providing conflicting signals for markets.
  • While there was limited reaction to the dovish-leaning BoC decision, the initial comments at the subsequent press conference have supported bonds.
  • Bunds reached intraday highs of 131.55 around the time of the ISM print before fading.
  • After some volatility around the data, 10-year BTP/Bund spreads have returned to intraday tights, around ~3bps narrower on the day, printing ~130bps.
  • Regional focus turns to tomorrow’s ECB meeting, where a 25bps cut is firmly expected.
  • Supply from Spain and France is also scheduled tomorrow morning.