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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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  • Early focus in EGBs was on the European PMI services releases.
  • France missed, Germany and EU beat expectations.
  • Bunds are in turn better offered, with the contract also taking its cue from the Risk on tone, as Equities rallies since 07.00bst, and gaining further traction on the EU cash open.
  • Peripherals are all trading tighter, with Greece leading by 2.5bps against the German 10yr.
  • Gilts are also better offered this morning, helped by the Retail sales beat although PMIs missed expectations.
  • Nonetheless, price action has been limited as we close out a very volatile busy week, and the contract stick to a 20 ticks range (129.50/129.70).
  • US Treasuries have also been better offered as Mini S&P edges back towards the record high, now at 4379.25, with the record high situated at 4384.5.
  • Curves are generally all trading bear steeper
  • US 5s/30s, is still well short of yesterday's steepest level
  • Looking ahead, We get Canadian Retail Sales, US PMIs Services.
  • And tonight, after markets, RATINGS: Moody's on Cyprus and DBRS on EFSF, ESM