EUROPEAN FIXED INCOME UPDATE: bonds discounted on Black Friday
Analysis details (10:19)
Debt futures are off worst levels, but not before conceding more ground and only finding underlying bids at cheaper prices. Bunds bounced on approach to 130.00, at 130.11 having been up to 130.63 earlier, and the round number may be more significant as it aligns with a Fib retracement level, while Gilts pared losses from 95.07 after topping out at 95.71 and perhaps purely or mainly for psychological reasons. However, bears remain firmly in the driving seat as the T-note hovers near the base of its 108-12/31 range awaiting the return of US cash trade for a short session post-Thanksgiving and pre-PMIs before the weekend.
24 Nov 2023 - 10:19- Research Sheet- Source: Newsquawk
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