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Holding A Modest Rally Since The Cash Open

EGBS
  • Bunds have seen two-way trade since the cash open but remain constrained to relatively narrow ranges, and easily within Friday’s range, with reduced volumes on Memorial Day observances elsewhere.
  • RXM3 trades +0.19 at 133.12 (cumulative volumes just 12k) off a recent low of 133.10 and an overnight low of 133.05 after the open, but hasn’t looked to trouble support at 132.83 (Fri low). There is no sign of the contract breaking out of the current bear mode though, with resistance notably higher at the 20-day EMA of 134.52.
  • In yield space, EGBs trade relatively tightly across the board, with Bunds -0.8bps and only slightly underperforming OATs and BTPs, with the BTP-Bund spread dipping just 0.3bp to 183.8bps for still the tightest since May 19.
  • Little by way of German data until regional CPIs on Wed.
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