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Free AccessThe underlying theme so far today is...>
BOND SUMMARY: The underlying theme so far today is risk-on, with Eurozone
economic data (GDP, PMIs) largely in line with modest expectations and political
developments helping the EMU periphery.
-Specifically, pushback from Italy President Mattarella on fresh elections has
helped 10-year BTP/Bund spreads fall to 117.5bps, down more than 5bps from
Monday's pre-holiday close. German 10-yr Bund yield is 2.3bp higher at 0.582%.
- Better than expected UK construction data for April accelerated losses for
June gilt futures, trading 44 ticks lower at 122.01.
- US 10y Tsy yields are up 2.4bps and look like they are again going to test the
3.00% level, now at 2.9906%. Focus is on today's FOMC MonPol decision, with the
Fed expected to stand pat. Participants are looking to the June meeting, with
markets fully pricing in a hike at next month's decision. US ADP data also hits
today. The US Tsy will also announce its quarterly refunding details.
- JGBs slipped as Tsys moved lower and the latest liquidity enhancement auction
for JGBs with 1-5 Years until maturity experienced a softer bid-to-cover ratio
than the prior. Jun8 JGB futures last trade 5 ticks worse off at 150.83.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.