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Parallel curve moves in US but flattening across the pond

BONDS
  • As well as the moves seen in futures, we have seen some divergences in curve moves today.
  • With concerns largely being centered around the US, the US curve has seen a largely parallel move with 2s10s just 0.1bp flatter than yesterday's close.
  • However, across the pond, moves have been larger in 10-years but smaller at the 2-year point relative to USTs.
  • So we have seen decent flattening across German / UK 2s10s.
  • Looking ahead, the ECB Accounts at 12:30BST / 7:30ET are the highlight of the day. A little dated, but still worth watching given yesterday's MNI sources story and recent comments from Knot and Rehn.
  • We will hear from ECB's de Guindos, de Cos, Verstager and Holzmann later inthe session.
  • In terms of US events, the calendar is relatively light with the Philly Fed, jobless claims and existing home sales the highlights. Fed's Kashkari is due to speak on inflation, but after the European session.
  • TY1 futures are up 0-10 today at 119-24 with 10y UST yields down -5.4bp at 2.833% and 2y yields down -5.2bp at 2.619%.
  • Bund futures are up 0.69 today at 153.63 with 10y Bund yields down -6.6bp at 0.961% and Schatz yields down -1.3bp at 0.361%.
  • Gilt futures are up 0.41 today at 119.57 with 10y yields down -5.2bp at 1.811% and 2y yields down -2.8bp at 1.419%.
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