May 07, 2024 13:40 GMT
Technicals And Modest Bounce for Crude Limit Rally
BONDS
A quick $0.50 bounce from session lows for crude oil futures limits the bullish move in bonds. A reminder that the break to fresh multi-week lows in oil seemingly fed into the FI bid that we had previously flagged.
- Technicals seem to be at play as well, TY futures failed to test Friday’s post-NFP highs, while Bunds stalled just ahead of their 50-day EMA (131.87) and gilt futures failed to meaningfully breach 98.00 (high 98.01).
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