EUROPEAN FIXED INCOME UPDATE: another false dawn or fade from highs

Analysis details (10:20)

The bubble has burst yet again for core EU bonds that were gathering momentum towards or just beyond midweek peaks before topping out and retreating to fresh intraday lows. Bunds got as far as 136.20 and Gilts 101.63 for gains of 32 and ¼ point on the day respectively, but are now down around 135.64 and 100.95 on no obvious grounds or new in terms of a catalyst bar festively frugal market depth that is exacerbating price action. In contrast, the 10 year T-note retains a bid within 113-29/19+ bounds ahead of US data and 5 year TIPS issuance that follows a sought after 20 year conventional offering. 

22 Dec 2022 - 10:20- Research Sheet- Source: Newsquawk

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