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BOND SUMMARY

EU data beat. Attention turns to US inflation

FOREX

Greenback Lower for a Fifth Session

EURIBOR

EURIBOR FIX

ITALY DATA

Italian Inflation Edged Higher in Jun

EUROZONE DATA

EZ Flash Inflation Ticked Up in Jul

EUROZONE DATA

EZ GDP Rebounded in Q2

US TSYS
US TSYS: Tsy futures have been underpinned from the off, as U.S. equity index
futures struggled from the get go. The risk averse start meant that the space
had already experienced a couple of spurts of buying activity which pushed the
contract higher in early dealing. The space then drew fresh support from the
soft internals of China's December trade data (with imports and exports both
moving into negative territory in Y/Y terms, printing well below estimates in
the process).
- Flow had been fairly limited elsewhere, with cash Tsys closed until the London
open, owing to a Japanese national holiday.
- The white and red Eurodollar contracts are dealing 2.0-3.5 ticks higher at
writing.
- Fedspeak to the fore this week, with Williams, George, Kaplan, Kashkari,
Harker & Quarles due throughout.
- T-Notes last 122.06, U.S. 10-Year cash Tsy yields closed at 2.701%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com