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EURGBP TECHS

Stalls Ahead Of key Resistance

AUSSIE BONDS

IRM2/U2 Given

UK

Timeline of key events (Times BST)

GBPUSD TECHS

Bounce Leaves Triangle Base Intact

EUROZONE

Timeline of key events (Times BST)

BOND SUMMARY

U.S. Pres Trump's T-Notes pushback against the $900bn economic relief package passed by the Congress has generated a light bid in T-Notes, even as the POTUS fell short of directly threatening to veto the package. In a tweeted video, Pres Trump lambasted the low value of stimulus checks funded by the package and some "wasteful and unnecessary" measures included in the bill, asking lawmakers to "send me a suitable bill or else the next administration will have to deliver a Covid relief package and maybe that administration will be me." T-Notes last sit +0-02 at 138-01+, trading through Tuesday highs but off the best levels of the session (138-03). Cash Tsy curve runs flatter, with yields seen +0.2bp to -1.4bp as we type. Eurodollar futures trade unch. to +1.0 tick through the reds.

  • Little to write home for the JGB space, with futures off session highs at 152.18, last trading +2 ticks at 152.15. Cash JGB yields sit lower, with the super long end outperforming. The outdated minutes from the BoJ's Oct meeting came and went.
  • Aussie bond futures have inched higher, YM trades +1.0 & XM +3.0. Cash ACGB curve has flattened, with yields last sitting +0.1bp to -2.9bp. Bills last seen -1 to +1 tick through the reds. The RBA offered to buy A$1.0bn of semis with maturities of Mar '25 - May '28 today, while local data releases have been shrugged off. Worth noting that 3-Month BBSW fixed at an all-time low of 0.010% today.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com