GILTS: Off Highs As Wider Core Global FI Fades From Best Levels

No movement in the EUR front end as ECB Governing Council member Kazimir reiterates that the ECB is in a “comfortable position”

• Kazimir’s thought process seems to mirror the broader thought passage evident across markets at present, as he notes that while risks to the outlook have likely narrowed and become more balanced, the current outlook is “rather fragile” (with particular worry placed on subdued long-term growth forecasts).
• As a result, he underscores the Bank’s ability to step in if fresh action is needed, stressing that “agility remains crucial”.
• Kazimir also pointed to the need for structural reform at both the EU and national levels, which isn’t a new concept.
• Euribor futures -1.5 to +1.5, after recovering from session lows alongside Bunds.
• ECB-dated OIS still prices ~6bp of tightening through end ’26.

SX7E (20th Mar) 270/280cs, trades for 3.5 in 10k.

The trend structure in Gold is unchanged, it remains bullish and today’s fresh cycle high reinforces current conditions. The break higher confirms a resumption of the primary uptrend. The trend condition in WTI futures remains bearish and short-term gains are considered corrective. MA studies are in a bear-mode position, highlighting a dominant downtrend.

• WTI Crude up $0.54 or +0.96% at $57.08
• Natural Gas up $0.09 or +2.28% at $4.079
• Gold spot up $75.24 or +1.73% at $4414.08
• Copper up $0.3 or +0.05% at $551
• Silver up $1.95 or +2.9% at $69.049
• Platinum up $91.47 or +4.63% at $2065