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Off Lows On IFO

BUNDS
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Softer-than-expected German IFO metrics allow Bund futures to recover to 130.00, after finding a base at 129.84.

  • Previously covered technical parameters in the contract remain untouched/intact, with the bearish technical picture still in play.
  • German yields are effectively unchanged across the curve.
  • 10-Year EGB spreads to Bunds are little changed to a touch tighter, albeit within 1bp of Friday’s closing levels.
  • ECB-speak from GC member Rehn reaffirmed his/GC known priors, ok’ing a June rate cut, while stressing data-dependence beyond that meeting.
  • Light buying has been seen in the Bobl futures roll, although roll volumes remain muted overall (as you would expect at this stage in the cycle).
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Softer-than-expected German IFO metrics allow Bund futures to recover to 130.00, after finding a base at 129.84.

  • Previously covered technical parameters in the contract remain untouched/intact, with the bearish technical picture still in play.
  • German yields are effectively unchanged across the curve.
  • 10-Year EGB spreads to Bunds are little changed to a touch tighter, albeit within 1bp of Friday’s closing levels.
  • ECB-speak from GC member Rehn reaffirmed his/GC known priors, ok’ing a June rate cut, while stressing data-dependence beyond that meeting.
  • Light buying has been seen in the Bobl futures roll, although roll volumes remain muted overall (as you would expect at this stage in the cycle).