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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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EGBs have faded some of the early open bids, on better European data, and underpinned Equities.

  • French and EU CPI beat expectations, and so did Spanish, German, Italian GDP.
  • Bund is down 11 but well within yesterday's range, on low liquidity.
  • Peripherals are a touch tighter, Greece and Italy by 0.5bp.
  • Gilts are trading mostly in line with bund, although outperforming by 0.7bp.
  • UK 5/30s lean steeper and trade around yesterday's high, now at 71.59.
  • US treasuries are better bid, following the risk off overnight, after the disappointing earnings from Amazon yesterday.
  • Despite the better bid in the long end, US 5/30 leans bull steeper, edging above yesterday's high, now at 119.242.
  • Looking ahead, all the attention turns to US inflation.
  • Other release include MNI Chicago PMI, Michigan, and Canadian GDP
  • SPEAKERS: Fed Bullard on US economy