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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

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  • EGBs have held onto gains, albeit off their best levels, despite some long cover in US Treasuries.
  • Contract is also underpinned post the US Michigan inflation 1 year miss.
  • Some highlights of the UMich report:
  • An all-time record number of consumers anticipating a net decline in unemployment.
  • The expected year-ahead inflation rate declined to 4.0% in early June, although down from 4.6% in May, it was still higher than any other time in the past decade.
  • Peripheral spread are trading tighter against the German 10yr, with Greece leading by 4.5bps.
  • Looking ahead, after market ratings:
  • Fitch on Spain (current rating: A-; Outlook Stable)
  • Moody's on Austria (current rating: Aa1; Outlook Stable) & the Netherlands (current rating: Aaa; Outlook Stable)
  • S&P on Slovenia (current rating: AA-; Outlook Stable)
  • DBRS Morningstar on Slovenia (current rating: A (high), Stable Trend)