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Move Away From Highs As Geopolitical Risk Premium Fades

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Core/semi-core EGBs are off intraday highs as overnight geopolitical risk premium fades.

  • Israel and Iran have played down the significance of an overnight Israeli strike on a military facility, which has allowed Bunds to move away from the overnight high of 132.24.
  • The ECB’s Scicluna cemented himself at the dovish end of the Governing Council spectrum this morning, noting the potential for 50bps ECB cuts if inflation surprises to the downside.
  • Bunds are currently +22 at 131.43, though the technical trend outlook remains bearish following this week’s move lower.
  • The German and French cash curves have bull flattened today while 10-year periphery spreads to Bunds are generally little changed.
  • The remainder of today’s regional calendar is light, leaving markets to focus on geopolitical risks heading into the weekend.
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Core/semi-core EGBs are off intraday highs as overnight geopolitical risk premium fades.

  • Israel and Iran have played down the significance of an overnight Israeli strike on a military facility, which has allowed Bunds to move away from the overnight high of 132.24.
  • The ECB’s Scicluna cemented himself at the dovish end of the Governing Council spectrum this morning, noting the potential for 50bps ECB cuts if inflation surprises to the downside.
  • Bunds are currently +22 at 131.43, though the technical trend outlook remains bearish following this week’s move lower.
  • The German and French cash curves have bull flattened today while 10-year periphery spreads to Bunds are generally little changed.
  • The remainder of today’s regional calendar is light, leaving markets to focus on geopolitical risks heading into the weekend.