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Large volumes on the European open

BONDS
  • An incredibly busy open for Rates and Govies in early trade.
  • All of the action was in rates, with massive selling of Bund and short term 3 months rate (Euribor), all in big volume sizes.
  • Markets have now reversed and have unwound some of the opening price action, and the dust seems to be settling at the time of typing.
  • Peripheral spreads sits wider, with Greece in the lead by 4.3bps.
  • Greek/Bund spreads is widest since 28/05/20.
  • Next upside resistance in the spread is seen at 201.03bps.
  • Gilts have held onto gains this morning on position squaring, and the contract trades at the upper end of the range, up 13 ticks at the time of typing.
  • Gilt/Bund is 2.5bps tighter, but within the 2022 ranges.
  • Looking ahead, there is a few data on the calendar, but the street has already brushed aside the German factory order's beat, and it is very likely that investors will look through the US NFP, with ALL EYES turning to the US CPI on the 10th February.
  • Near term attention is also on Central Bank speakers, given the latest hawkish rhetoric.
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