BONDS: BTP/Bund spread is set to test the April 2010 low
Aug-13 12:50
- With the BTP still outperforming in Futures, combined with some Risk On Tone, the US Emini keeps printing all time record high, and Europe performs fairly well, Estoxx (VGU5) challenges 5400.00, next resistance comes at 5449.00 for the Index.
- The BTP/Bund spread is now set for a test down to the April 2010 low situated at ~75.4bps, and a clear through that area will highlight 70bps next, but more importantly, the next big support resides at 65.37bps, the 2009 low.
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SOFR OPTIONS: BLOCK: Green Sep/Blue Sep Conditional Bull Curve Steepener
Jul-14 12:49
- +5,000 2QU5 97.00/97.50 call spds vs. 3QU5 96.75/97.25 call spds, 0.5 net Green Sep over at 0842:30ET
BONDS: U.S. 10-Year Yield Pierces Last Week's High
Jul-14 12:46
Core global curves hold steeper.
- TY futures traded through overnight lows and 10-Year Tsy yields breached last week’s high, but the move has since stalled, pointing to a flow-/technical-driven move, as opposed to anything highly committal on fresh news.
- Early London lows in Bund futures hold, while gilts continue to outperform.
- Ongoing weakness in the long end of the JGB curve and bull steepening of the gilt curve (dovish comments from BoE Governor Bailey & weak private labour market data) still present the meaningful market talking points on the day, in addition to U.S. tariff threats and heightened U.S.-Russia tension.
SOFR OPTIONS: BLOCK: Green Mar'26 SOFR Call Spread
Jul-14 12:36
- +45,000 2QH6 98.00/98.25 call spds, 1.0 ref 96.56, at 0830:22ET - opener (OI 15,853 & 0 in the two strikes, respectively)
