EUROPEAN FIXED INCOME UPDATE: debt volatile and indecisive, JGBs and Gilts aside
Analysis details (10:50)
Bonds have extended ranges in whippy and relatively low volume trade with little clear direction barring a couple of notable exceptions. Specifically, JGBs have rebounded strongly (from 147.73 to 148.74 to be precise) on the back of dovish BoJ sources and Gilts are in reverse gear (between 96.70-11 bounds) following better than expected UK retail sales data, but probably more in corrective mode given the magnitude of the bullish midweek move post-CPI (when the 10 year benchmark reached 97.84). Meanwhile, Bunds and the T-note seem rather aimless within 133.21-132.80 and 112-08+/02 respective ranges and Friday’s sparse docket suggests a continuation of the largely consolidative price action into the weekend and approaching the next major risk events.
21 Jul 2023 - 10:50- Fixed IncomeData- Source: Newsquawk
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