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UST 10y yield another new cycle high

BONDS
  • USTs have continue their drift lower this morning with 10-year yields surpassing yesterday's cycle highs to hit a high of 2.6905% at writing, another new high since March 2019. We are now within 12bp of the 2019 highs which are just shy of 2.80%.
  • The German and gilt curves remain within yesterday's ranges with peripheral spreads a bit wider on the day.
  • Looking ahead there is little on the calendar today other than Canadian employment.
  • Instead the focus will be on the release of any French opinion polls ahead of Sunday's first round Presidential election. Given Le Pen's movement up the polls in the past couple of weeks, these have the potential to move both peripheral spreads and the euro in particular.
  • TY1 futures are down -0-10 today at 120-07+ with 10y UST yields up 1.9bp at 2.679% and 2y yields up 5.3bp at 2.516%.
  • Bund futures are up 0.11 today at 156.94 with 10y Bund yields down -0.2bp at 0.677% and Schatz yields up 1.5bp at -0.4%.
  • Gilt futures are up 0.04 today at 120.21 with 10y yields unch at 1.728% and 2y yields up 0.1bp at 1.455%.
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