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Hawkish RTRS ECB Source Report Weighs

EGBS

Bund futures now through the 50-day EMA (133.41), printing as low as 133.37.

  • The previously covered hawkish ECB source report from RTRS helps keep the pressure on early this week.
  • Cash trade sees a fairly parallel ~3bp shift higher in German yields, with 10s trading at the highest level in over a month, back above 2.30%.
  • The early August risk-off spike has now been fully unwound.
  • EGB spreads to Bunds little changed to start the week, sitting within 0.5bp of Friday’s closing levels.
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Bund futures now through the 50-day EMA (133.41), printing as low as 133.37.

  • The previously covered hawkish ECB source report from RTRS helps keep the pressure on early this week.
  • Cash trade sees a fairly parallel ~3bp shift higher in German yields, with 10s trading at the highest level in over a month, back above 2.30%.
  • The early August risk-off spike has now been fully unwound.
  • EGB spreads to Bunds little changed to start the week, sitting within 0.5bp of Friday’s closing levels.