EUROPEAN FIXED INCOME UPDATE: bonds recoil after emphatic revival
Analysis details (11:03)
Debt futures continue to unwind after resuming their recovery rally and extending well beyond upside targets and projection levels that most anticipated. Hence, the pull-back could be described as corrective and compounded by fundamentals to some extent as several Eurozone data releases surpassed consensus. Moreover, it’s month end and a Friday so there may be more tendency to pare positions and book profits, while equities are offering investors an enticing alternative and oil is simmering again. Bunds have been down to 156.21 and through the 50% Fib of Thursday’s upleg, Gilts are just above 117.34 vs 118.36 at best and the T-note nearer 120-22 vs 121-08 awaiting a busy pm agenda including more key US economic indicators such as PCE prices, ECI and the Chicago PMI.
29 Jul 2022 - 11:03- Research Sheet- Source: Newsquawk
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