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Short end strips collapse

BONDS
  • A really busy morning session, with way above average volumes.
  • Price action was more limited in the EGB's, Bund and the long end, but we are nonetheless seeing further flattening bias across the board.
  • All of the action is in the short end 3 months, with collapses in Euribor, Eurodollar and Short Sterling, as desks reprice larger hikes for the UK, and target December 2022 for Europe and the US.
  • Peripheral spread are wider against the German 10yr, Portugal and Greece by 1.7bp.
  • All the action is in Short sterling for the UK with the front whites down 16/20 ticks.
  • LH2 (March 2022) is below the October low and lowest since May 2019.
  • LU2 (September 2022) sees next support at the 3rd January 2019 low at 98.54.
  • UK 5s/30s is flattest since 10/03/20.
  • UK 2s/10s eye a test at the October low 40.14, now at 41.391.
  • Similar flow for the US, with Eurodollar seeing big ranges, and Volumes,.
  • The strip is down 7 ticks at the time of typing.
  • US curves, sees 5s/30s flattest since March 2020 while the 2s/10s drifts towards lowest level since the 5th August.
  • Looking ahead, attention turns to the ECB, and out of the US sees the GDP release
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