ECB day

Good morning all,

Overnight U.S. bonds continued its path downwards so I expect bunds to open off and test  139.45 (sep contract)area early on. I should imagine that most of this am's activity will be about rolling into dec in the Eurex bonds so we can get that mess out of the way before ECB.
Ten Year

Bund

€ curve

Yesterday saw real outperformance in the Bobl despite a below average auction. I'm guessing the roll had something to do with that. Needless to say I'll be staying clear of anything here til ECB. When I will be focusing on Dec expiry.
€ teds Schatz teds continue its slow grind higher, whilst the Bobl strength has led to slight Cheapening there.

Spain has a 10 year auction today but the main focus today will be on the BoE and the ECB.

 

Gilt Bund spread

 

 

 

Good luck

L