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Off their lows before the US joins.

BONDS
  • Although Bund and EGBs ticked lower, surprisingly taking their cues from the Norway CPI beat on the cash open, futures contract still trade in the green, with the support noted in Bund back up at 133.45 holding this morning, printed a 133.51 low.
  • Peripheral spreads are all tighter, but the focus stays on the continued tightening in the Greek/Bund spread, by another 1.8bps, now eyeing the 120.00bps support.
  • Volumes overall are below averages, with Real Money likely on the sidelines.
  • UK Gilt futures is outperforming its European counterparts, translating in a 2.6bps tighter spread, but well within the June ranges.
  • Still, further tightening in the Gilt/Bund spread will target the June low at 178.96bps, now trading at 179.7bps at the time of typing.
  • US Treasuries underperforms and have pared some of yesterday's gains, but are still trading within Yesterday's range, as investors turns their attention to the Fed next week.
  • Looking ahead, there's no US data scheduled for the session, while Speakers only includes ECB de Cos and Centeno, but unlikely to hear anything new from these members.
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