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GBPUSD TECHS

Through 1.4000

EUROZONE T-BILL ISSUANCE

Bill Supply For W/C May 10, 2021

EURUSD TECHS

Resumes Its Upleg

EUROSTOXX50 TECHS

(M1) Clears 4000

BTP TECHS

(M1) Clears Key Support

GILT TECHS

(M1) Gains Considered Corrective

Month-end puts Bunds under pressure

EGB SUMMARY

Bunds (and core fixed income in general) are under some fairly decent pressure this afternoon with month-end rebalancing flows likely responsible for shifting money from fixed income into equities. However, Bunds remain above their key near-term support at the 20-ema which comes in at 174.19.

  • Peripheral bonds are also moving lower, but spreads are mixed. BTP spreads have narrowed while Spanish and Portuguese spreads have widened.
  • Bund futures are down -0.36 today at 174.51 with 10y Bund yields up 1.8bp at -0.528% and Schatz yields up 0.9bp at -0.705%.
  • BTP futures are down -0.32 today at 147.77 with 10y yields up 0.5bp at 0.856% and 2y yields down -0.2bp at -0.232%.
  • OAT futures are down -0.39 today at 168.62 with 10y yields up 1.9bp at -0.249% and 2y yields up 0.3bp at -0.667%.