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Pressure on the Euribor strip

BONDS
  • The biggest moves of the day have been in the Euribor strip which has moved down up to 7 ticks this morning (more than the moves seen in EGBs, although there has been some curve steepening in Europe).
  • With UST cash closed today, moves in TY1 futures have been relatively subdued, while gilt and Bund futures remain within yesterday's ranges.
  • It's a fairly light calendar today with a few speeches (BOE's Mann, ECB's Lane, Schnabel, de Cos).
  • TY1 futures are down -0-2 today at 130-21+ with UST cash closed.
  • Bund futures are down -0.14 today at 170.55 with 10y Bund yields up 1.0bp at -0.240% and Schatz yields down -0.9bp at -0.782%.
  • Gilt futures are up 0.07 today at 126.32 with 10y yields down -0.6bp at 0.916% and 2y yields down -0.4bp at 0.560%.

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