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Cable and EURUSD test session high

SPAIN AUCTION PREVIEW

5-year Bono / 8/20- year Oblis

GILTS

Opening calls

SOUTH AFRICA

30Y Yields Test 10.50 Support, SAGBs Bull Flatten W/w

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The space has edged away from earlier session cheaps, leaving the major Tsy benchmarks 1.0-3.0bp cheaper on the day, as 3s continue to provide the weak point on the curve. TYH2 last runs +0-03+ on the day, printing at 130-12+, 0-03 off lows. This comes after the early cheapening impetus, stemming from firmer than expected Chinese PMI data and regional appetite to fade the NY rally, faded. It would seem that participants have moved focus to Tuesday’s Powell-Yellen testimony, with Powell’s initial, pre-released comments coming down on the cautious side in the wake of the recent Omicron COVID developments.