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Yields in Europe stays elevated

BONDS
  • The small beat in US NFP has kept Govies under pressure, but Europe continues to lead to the downside.
  • BTP has led the downside in Europe, and the BTP/Bund spread breached above 210bps.
  • Italian 10yr Yield tested 3.40%.
  • In term of Technical, support will be seen at121.53 1.618 proj of the May 12 - 24 - 26 price swing.
  • Peripheral spreads are mixed, Italy is 4.5bps wider, while Greece sits 3.4bps tighter.
  • Looking ahead, Fed Vice Chair Brainard Discusses Community Reinvestment Act.
  • But all the attention is already turning to next week and the Key ECB meeting.
  • June contracts:
  • Bund futures are down -0.59 today at 149.67 with 10y Bund yields up 4.0bp at 1.274% and Schatz yields up 1.8bp at 0.631%.
  • BTP futures are down -0.71 today at 124.86 with 10y yields up 8.6bp at 3.382% and 2y yields up 6.5bp at 1.212%.
  • OAT futures are down -0.62 today at 142.24 with 10y yields up 4.5bp at 1.802% and 2y yields up 0.9bp at 0.458%.
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