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EURGBP TECHS

Bullish Outlook

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GoCs See Sizeable Long End Outperformance To US

CANADA
  • GoCs see a small bid on the Biden-Xi White House readout, maintaining the bear flattening post the long weekend in contrast to a bear steepening in Tsys.
  • Outperformance to Tsys across the curve but more so at the long end with 10YY +2.5bp vs +8bps, pushing the differential to -73bps and closer to recent sustained lows of just below -80bps.
  • It sees Canadian 2s10s slip 3bps to -70bps, nearing prior sustained lows of circa -75bps at levels otherwise not seen since early 1990.

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  • GoCs see a small bid on the Biden-Xi White House readout, maintaining the bear flattening post the long weekend in contrast to a bear steepening in Tsys.
  • Outperformance to Tsys across the curve but more so at the long end with 10YY +2.5bp vs +8bps, pushing the differential to -73bps and closer to recent sustained lows of just below -80bps.
  • It sees Canadian 2s10s slip 3bps to -70bps, nearing prior sustained lows of circa -75bps at levels otherwise not seen since early 1990.