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EGBS: Weaken Toward Intraday Lows Despite Limited Headline Flow

EGBS

Core/semi-core EGBs trade close to intraday lows, though there has been little market moving data or headline flow to note.

  • Bund futures are -33 at 132.18, below prevailing levels seen after the higher-than-expected Australian CPI overnight. Our technical analyst notes the latest pause still appears to be a flag - a bullish continuation pattern. Initial support remains at 131.79, the 50-day EMA.
  • The German 2s10s curve is slightly steeper, after flattening during the first two days of the week, while the 10-year BTP/Bund spread has tightened with European equity futures 0.4% stronger today.
  • ECB Chief Economist Lane headlines today’s ECB speaker calendar at 1140BST, with Rehn. Panetta and Kazaks also scheduled. Earlier this morning, Rehn noted that market pricing is reflective of “reasonable expectations” for ECB cuts this year.
  • Regional focus remains on Friday’s flash inflation data from France, Spain and Italy.
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