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Off the lows but EGBs/gilts play catch up with USTs on the open

BONDS
  • Core fixed income hit its low point of the day shortly after the European/UK opens as local markets reacted to Friday's US employment print after being closed for the long Easter weekend. The German curve bear flattened while the gilt curve saw more of a parallel move.
  • Some of the early move has since been retraced as SONIA/Euribor futures have also moved off their lows of the day, while Treasuries are also higher on the day.
  • Markets already have one eye on tomorrow's US March CPI data.
  • TY1 futures are up 0-6 today at 115-22+ with 10y UST yields down -2.8bp at 3.392% and 2y yields down -2.6bp at 3.986%.
  • Bund futures are down -0.79 since Thursday at 136.51 with 10y Bund yields up 6.3bp at 2.244% and Schatz yields up 10.4bp at 2.650%.
  • Gilt futures are down -0.73 since Thursday at 103.59 with 10y yields up 7.0bp at 3.498% and 2y yields up 7.2bp at 3.425%.
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