EUROPEAN FIXED INCOME UPDATE: bonds back off further from best levels
Analysis details (10:46)
It’s hard to tell whether supply caused any issues for OATs or Bonos given fairly uniform losses at the Eurozone margins, but debt futures remain depressed across the board after their midweek exertions, including Gilts that may well have overdone things in response to softer than consensus UK inflation metrics. Bunds breached Wednesday’s Eurex low before bouncing from 133.36, Gilts lost 97.00+ status briefly when trading at 96.93 and the T-note remains under par and closer to 112-19+ overnight trough than 112-31 peak in what looks like corrective price action rather than a meaningful retracement towards m-t-d troughs, for now at least. Ahead, pretty busy pm agenda including US data, EZ flash consumer sentiment, a 10 year TIPS auction and Central Bank rate decisions kicking off with the CBRT at noon before the SARB from 14.00 BST.
20 Jul 2023 - 10:46- Fixed IncomeResearch Sheet- Source: Newsquawk
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