Humphrey Hawkins

17/07/2013

Cheeky little uptick in the past 30 mins would suggest to me that Bunds will open close to recent hi.

Boe minutes and a bund auction are this am main points of interest. We could see a temporary impact on € curve stuff from the auction.

They have spent this week in consolidation. I don't expect that to be the case after Ben's testimony later on today. Any hints of a September taper will see some steepening of the curve. We have flattened quite a bit this month. Although it could be argued € is not $ so will not follow the same path....But we all know how everyone follows the U.S.

Teds have continued to consolidate last weeks trend lower with some sideways action....maybe a slight better bid tone.

Bor spreads continue to flatten. Going back into the longer term outlook for rates lo trend. Could see Ben reinforce that view.

U.S. house data and Canadian rate decision to come this afternoon too, they may be of some interest.

Good Luck
L