FOREX: JPY Softer as Takaichi Takes Top Spot in Polling
Sep-12 09:35
* JPY weakness stands out early Friday, with USD/JPY rallying through Y147.50 on the back of a Kyo...
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GERMAN AUCTION RESULTS: 2.60% Aug-35 Bund
Aug-13 09:32
| 2.60% Aug-35 Bund | Previous | |
| ISIN | DE000BU2Z056 | |
| Total sold | E5bln | E5bln |
| Allotted | E3.885bln | E3.832bln |
| Avg yield | 2.69% | 2.62% |
| Bid-to-offer | 1.12x | 1.14x |
| Bid-to-cover | 1.44x | 1.49x |
| Avg Price | 99.21 | 99.85 |
| Low Price | 99.20 | 99.84 |
| Pre-auction mid | 99.163 | 99.802 |
| Previous date | 23-Jul-25 |
SOFR OPTIONS: SFRU5 96.00/96.125/96.25 Call Fly Lifted
Aug-13 09:30
SFRU5 96.00/96.125/96.25 call fly paper paid 0.75 on 5,750, goes bid over on the balance of a 10K order on the follow.
EGBS: Bunds Retrace Yesterday Afternoon’s Sell-off; Curve Bull Flattens
Aug-13 09:25
Bund futures are +51 ticks at 129.62, rallying on improved volumes and fully retracing yesterday afternoon’s selloff. Initial resistance is 129.83. Much like yesterday’s price action, there hasn’t been a clear driver to note, with strength coming despite a 0.7% rally in European equities and impending 10-year Bund supply.
- The German curve has bull flattened, with 30-year yields down 5.5bps. 10s30s closed at 55bps yesterday, the steepest since June 2021. The spread is currently back at 54.4bps. Bull flattening on the cash bond curve has translated to outperformance for long end swap spreads & ASWs.
- European equity strength promotes peripheral and semi-core EGB/Bund spread tightening, with the 10-year BTP/Bund spread notably 1.5bps narrower at 77bps (tightest since 2010). A persistent pullback in EUR rates vol since the April tariff-induced volatility episode has been a key driver of BTP spread tightening in the last few months.
- Today’s regional data saw German and Spanish final July HICP confirm flash estimates. The data did not move markets.
