BUND TECHS: (H6) Approaching The 50-Day EMA
Jan-07 10:35
* RES 4: 129.66 High Nov 12 * RES 3: 128.75 High Dec 3 and a key resistance * RES 2: 128.52 High Dec...
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DUTCH T-BILL AUCTION RESULTS: DTC Results
Dec-08 10:35
| Type | 2.5-month DTC | 5.5-month DTC |
| Maturity | Feb 26, 2026 | May 28, 2026 |
| Amount | E1.09bln | E780mln |
| Target | E0.5-1.5bln | E0.5-1.5bln |
| Previous | E1.98bln | E1.12bln |
| Avg yield | 1.979% | 1.975% |
| Previous | 1.964% | 1.968% |
| Bid-to-cover | 2.13x | 2.68x |
| Previous | 1.88x | 1.87x |
| Previous date | Nov 17, 2025 | Nov 17, 2025 |
GILTS: Futures Hover Above Support After Sell Off, Hawkish Move In SONIA
Dec-08 10:35
Gilts sell off on bearish cues from EGBs in the wake of some typically hawkish remarks from ECBs Schnabel and firming wage indications in the latest REC report on jobs
- Futures trade as low as 90.88, basing just above the December 2 low (90.87).
- Bullish short-term technicals remain intact despite today’s sell off.
- Fresh extension lower would target the November 25 low (90.53), while resistance comes in at the November 27 high (91.93).
- Yields 3-4bp higher, 5- to 10-Year zone leads the weakness.
- Gilt/Bund spread little changed around 168bp.
- Gilt outperformance vs. Bunds stalled around the 165bp level last week, after the spread tightened by ~25bp since November 12.
- The speed of the tightening, coupled with ongoing medium-term UK fiscal fisks, have been cited as limiting factors by some.
- BoE-dated OIS still pricing over 80% odds of a December rate cut.
- SONIA futures flat to -5.0. Terminal rate pricing 3.42% after trading between 3.30-3.35% for much of last week. November lows in SFIZ6 (96.550) remain untested.
- Comments are due from BoE's Taylor (17:00) & Lombardelli (18:30), although the topics of their addresses may limit the scope for comments on monetary policy.
- Further out, UK monthly economic activity data is due Friday.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA (bp) |
Dec-25 | 3.758 | -21.5 |
Feb-26 | 3.692 | -28.1 |
Mar-26 | 3.620 | -35.3 |
Apr-26 | 3.528 | -44.5 |
Jun-26 | 3.484 | -48.9 |
Jul-26 | 3.425 | -54.8 |
Sep-26 | 3.416 | -55.7 |
OPTIONS: Expiries for Dec08 NY cut 1000ET (Source DTCC)
Dec-08 10:32
- EUR/USD: $1.1650(E831mln), $1.1670(E587mln), $1.1800(E1.8bln), $1.2140(E2.9bln)
- USD/JPY: Y155.00($1.2bln), Y156.00($1.5bln)
- AUD/USD: $0.6475-80(A$1.0bln)
- USD/CAD: C$1.3940($841mln)
