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Yields fall across the board

BONDS
  • Another wide trading session for EGBs and Bund, but very choppy with 20 ticks swings at a time in Bund (and 172 ticks range).
  • Govies have extended gains, pushing Yields lower.
  • The French CPI, was inline, but didn't beat the estimates, which helps underpinned Bonds.
  • German 2yr tested lowest level since the 9th June, with most of the action centred in the shorter part of the Curve 2yr and 3 Months Euribor.
  • Schatz future is off the session, Yield off the low.
  • Next support in 2yr is seen at 0.65%, reference 109.075, would equate to 109.185.
  • Peripherals are wider this morning, as Bund outperforms its peers.
  • Italy is in the lead so far today, by 5.7bps at 191.9bps.
  • Gilt is taking its cue from the European price action, but is somewhat lagging Germany, pushing the Gilt/Bund spread 5.8bps wider.
  • US Treasuries have followed suit, and trade in the green, but volumes are fairly subdued, with 340k lots traded at the time of typing.
  • Looking ahead, Out of the US, PCE deflator and MNI Chicago PMI are the notable release, but Europe are already turning their attention to the EU CPI release tomorrow.
  • Also today, includes OPEC meeting.
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