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Italy and France lead futures to session highs

BONDS
  • BTP, OAT lead Bund higher, triggering some clip buyers in the US FVM3 in 2.8k and TYM3 in 3.6k.
  • Overall markets are still trading in tighter ranges, Bund in 46 ticks, Gilt in 45 ticks.
  • UK Gilt has found support at the Gap, 101.13, although did print a 101.11 low.
  • The contract was also weighted in early trade following the UK data beat, and heavy delta hedging need ahead of the supply.
  • More of a unwind, Locals and prop short cover as the US joins the session.

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