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Futures Break 20-day EMAs

BOND SUMMARY
  • Core bonds are on the front foot this morning with both UST, Bund and Gilt futures breaking to their highest levels of the week. Furthermore UST and Bund futures have also broken above their 20-day EMAs.
  • The data highlight so far today has been the release of UK CPI which surprised consensus who were looking for a 0.6% Y/Y rise by coming in at 1.0% Y/Y. There has been very limited market impact as the surprise is unlikely to have any impact on near-term BOE policy.
  • Later today the focus will shift to the FOMC Minutes. Markets will be looking for any clues on how close the Fed is to agreeing on policy steps in time for the September meeting with forward guidance and yield curve control continuing to garner market attentions. The Minutes are likely to be viewed together with comments from next week's virtual Jackson Hole.
  • TY1 futures are up 0-3 today at 139-15+ with 10y UST yields down -1.7bp at 0.653% and 2y yields down -0.4bp at 0.140%.
  • Bund futures are up 0.31 today at 176.74 with 10y Bund yields down -2.1bp at -0.485% and Schatz yields down -1.0bp at -0.674%.
  • Gilt futures are up 0.19 today at 137.24 with 10y yields down -1.6bp at 0.202% and 2y yields down -1.2bp at -0.57%.
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