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Unwind Yesterday’s Relief Rally As UK Wages Print Strong

EGBS

Core/semi-core EGBs have unwound most of yesterday afternoon’s relief rally, with Bunds -18 ticks at 131.63.

  • This morning’s firmer-than-expected UK wages provided the initial source of weakness, while the ongoing 30-year DSL tap from the Netherlands will be weighing at the long-end.
  • A stronger-than-expected German ZEW expectations print will have also pressured the space.
  • Today’s ECB speakers (Makhlouf and Rehn) have not deviated from the status quo regarding a likely ECB rate cut in June. Villeroy and Vujcic are scheduled later this afternoon.
  • The German and French cash curves have bear steepened. While 10-year periphery spreads to Bunds generally little changed.
  • Developments in the Middle East alongside several Fed speakers (including Chair Powell after hours) will set the tone for the rest of the session.
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