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US outperforms Europe

BONDS
  • Treasuries outperforms EGBs in early trade, and the US curve lean steeper, with couple of Block steepeners this morning, one overnight and one on the EU Cash open.
  • The move in futures keeps the US/German 10yr spread tighter again this morning, at this week's low 108.93bps, which was also the tightest print in Tnote/Bund spread since August 2020.
  • The key support is at 102.13bps, the 2020 low and the lowest print since February 2014.
  • Resistance in TYM3 is at 116.30/117.01+.

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