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Ranges Still Contained, Operating Near Worst Levels


Core EGB benchmarks find a bit of a base in recent trade, although fail to bounce.

  • Wider macro headline flow remains limited.
  • BoE-dove Dhingra hasn’t impacted BoE/gilt pricing in a meaningful manner.
  • Bond bears failed to force key European benchmarks meaningfully through morning lows (some modest breaches were seen).
  • That leaves the benchmarks in relatively contained ranges, with Bund, OAT & BTP futures failing to breach yesterday’s best levels earlier today.
  • Downside interest via Schatz & Bund put plays have headlined on the flow side.
  • Bunds are -32 ticks at 132.94 at typing, still operating within well-defined technical parameters. The first support is 132.71 (Feb 16 low) while the 20-day EMA at 134.21 is the first resistance.
  • Peripheral spreads to Bunds are unchanged to a touch wider on the session, as European equity markets move off best levels of the day.

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