EUROPEAN FIXED INCOME UPDATE: bonds bounce firmly on the back of bleak PMIs
Analysis details (10:51)
Debt futures were rangy and mostly weak in cautious trade eyeing the big Central Bank meetings this week, but broke higher and extended recovery gains as the prelim Eurozone and UK PMIs all missed consensus on the downside and the manufacturing headlines were particularly weak. Bunds rotated just over a big figure from 132.97 to 134.01 before fading just ahead of resistance around 134.09 and 2.37% support for the 10 year yield, Gilts gapped up to 97.57 from 96.43 on Liffe and the T-note tagged along between 112-14/03 parameters awaiting the US national activity index and flash PMIs to see if they live up to their name before attention turns to the Usd 42 bn 2 year auction.
24 Jul 2023 - 10:51- Fixed IncomeResearch Sheet- Source: Newsquawk
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