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UST Bear Steepening Ahead of European Session

CROSS ASSET

USTs have started to trade weaker ahead of the European session with the long-end of the curve under performing. Cash yields are 1-2bp higher while TYU1 has pushed down to 132-09+, near the lows of the day. Yesterday's Fedspeak added little to the post-FOMC narrative.

  • The USD has made gains against G10 FX. The key level to watch for EURUSD will be 1.1837.
  • UST weakness has fed through to the EGB space in early trade. RXU1 has pushed down to 171.85
  • The ECB's Luis de Guindos and President Lagarde will be speaking later today with the latter previously pushing back against 'premature' tapering talk at the last GC meeting. Fed speakers on today's slate includes Bowmna, Bostic and Rosengren.
  • Germany will reopen the 0% May-36 bund later today, with Slovenia potentially also launching its inaugural sustainability bond. Overall supply for the day will be relatively modestly and easily absorbed by the market.
  • Preliminary June PMI data for the UK and EZ majors will be the focus for today. Consensus broadly expects a downtick for EZ manufacturing and a further pickup in services activity relatively to the previous month.
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