EUROPEAN FIXED INCOME UPDATE: bonds hit buffers after early bull run
Analysis details (10:58)
Debt futures have faded gains across the board and well before results of the latest German Bobl auction revealing solid demand and a slightly smaller retention, albeit with a tad firmer average yield. Moreover, books are building nicely for Germany’s 2053 tap so the pullback in bonds looks more technical than supply-related. Indeed, Bunds remain closer to 132.48 top than 131.13 Eurex bottom, in contrast to Gilts that retreated through par between 94.79-24 parameters as the post-long weekend corrective price action petered out. Elsewhere, the T-note is holding mid-range within 109-28+/21+ confines and will likely take further cues from JOLTS and US consumer sentiment before the 7 year auction rather than house price data.
29 Aug 2023 - 10:58- Fixed IncomeResearch Sheet- Source: Newsquawk
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