EUROPEAN FIXED INCOME UPDATE: bonds back-off before US labour data
Analysis details (10:59)
Lots of whipsaw moves in debt futures and some reaction to the manufacturing PMIs, but ultimately a degree of payback after making decent gains into month end and losing an element of duration appeal in the process. Moreover, positioning is probably more pronounced given that the start of September kicks off with NFP and that is not always the case when Friday coincides with the first trading day of a new month. Bunds are towards the lower end of a 132.76-133.13 range, Gilts likewise between 95.14-49 parameters and the T-note below par, but much more restrained within very narrow 110-31+/27 confines. Note also, Monday is Labour Day in the US, aptly.
01 Sep 2023 - 10:59- Research Sheet- Source: Newsquawk
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