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European Officials On EU Borrowing Rule Reforms


Jul 5 Auction Size


(U2)‌‌ Bullish Focus

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Following Bunds Higher Post ECB

ECB left rate, refi and marginal lending steady -- Bunds surge on faster purchase pace of PEPP however, Tsys following their lead, bonds just off late over night highs. Decent volume at moment, TYM1 over 565k, yield curve mixed though 5s30s over 4bp steeper around 148.88.
  • Technicals for TYM1: Outlook remains bearish though following last week's resumption of the downtrend that resulted in a low of 131-23+ on Mar 5. Gains are considered corrective against a bearish trend sequence of lower lows and lower highs. Scope is for 130-07, Feb 2, 2020 low ahead of the 130-04 vol band. Firm resistance is seen at 133-23, Mar 2 high.
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MNI Chicago Bureau | +1 312-431-0089 |

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