UKRAINE: UK & France Commit Peacekeepers & Witkoff Talks Up Sec. Guarantees

• Markets see an unwind off the lows in EGBs and especially in German markets, but not too surprising given Bunds have fallen 176 ticks over the past 6 sessions.
• The heavier volumes are going through in Bobls, although this is composed of a combination of swap related trades and option hedges. Initial resistance in Bunds would be seen further out, up to 128.40.
• Near term risks remain to the downside, meaning market focus will be on yields across core EGB markets.

For the German 10yr Yield, reference 127.93:

• 2.85% = 127.61.
• 2.90% = 127.12.
• 2.94% = 126.73 (2025 high and highest Yield since Oct 2023).

FX Exchange traded Roll pace, expiry 15th Dec: Some are rolling early ahead of the FOMC.
 

• EUR: 13%.
• GBP: 36% (above pace).
• JPY: 31% (above pace).
• CHF: 29% (above pace).
• CAD: 9% (below pace).
• AUD: 29% (above pace).
• NZD: 19% (above pace).

DUF6 107.10/107.00/106.90p ladder with DUG6 107.10/107.00/106.90p ladder strip, sold the 1 at 14 and 15 in 5k.