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Moving off of Friday's data-induced highs

BONDS
  • Core fixed income has been gradually moving lower through the European session, moving off the highs seen after the weaker-than-expected US wage numbers and soft ISM services print on Friday.
  • The Euribor strip is down up to 6 ticks, the Eurodollar strip down up to 5.5 ticks and the SONIA futures strip is also up to 6 ticks lower (although the latter has seen more moves lower further out the curve in the Blue area with more limited moves in Whites / Reds / Greens).
  • The highlight of the day may well come from a speech by BOE Chief Economist Huw Pill in New York entitled "The UK Economic and Monetary Policy Outlook" with the text due to be released today at 15:30GMT / 10:30ET. We will also hear from the Fed's Bostic and Daly today.
  • Looking ahead there will be huge interest in US CPI on Thursday with only tier 2 data due for release until the second half of the week.
  • TY1 futures are down -0-4+ today at 114-02+ with 10y UST yields up 4.1bp at 3.601% and 2y yields up 2.9bp at 4.282%.
  • Bund futures are down -0.87 today at 136.56 with 10y Bund yields up 5.7bp at 2.264% and Schatz yields up 5.5bp at 2.621%.
  • Gilt futures are down -0.59 today at 102.12 with 10y yields up 4.7bp at 3.516% and 2y yields up 5.1bp at 3.445%.
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