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Spreads tighten, BTP-Bunds approaching key levels

EGBS

Aside from the headline moves seen in core fixed income, peripheral spreads have tightened further on the Moderna vaccine news.

  • BTP-Bund 10-year spreads have fallen to their lowest levels since 2018 on the news, currently at 119.3bp at writing, down 1.8bp on the day.
  • We are not far at all now from the August 2016 and April 2018 double bottom of around 112.8bp.
  • The next major reference point is the March 2016 level around 102.
  • Our technical analyst notes that all trend conditions are still pointing to a continued move lower.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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