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Stabilisation since lunchtime

BONDS
  • The whole White/Red part of the short sterling curve remains 5.5-7.5 ticks lower on the day (after some contracts being down more than 10 ticks earlier). This is following the hawkish comments from Saunders (and to a lesser extent Bailey) over the weekend.
  • Indeed, after a weak opening for gilts we have retraced around 40% of day's the moves to the low of 123.44 seen shortly after 9:00BST.
  • However, the sentiment in global markets has continued to focus on inflationary pressures remaining for the medium-term and forcing central bankers' hands.
  • Looking at the Sep23 contract short sterling is down 5.5 ticks, Euribor down 5.5 ticks and Eurodollars down 4.5 ticks (so all roughly seeing the same move at the 2-year horizon).
  • This has helped Bund futures hit a low of 168.57 just before 12:00BST while TY1 hit its low of the day at a similar time before retracing a little.
  • BTP futures have seen a similar move, but have not really followed through the retracement, remaining near their lows of the day.
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