bunds
Choppy mid range...ECB members commenting on market "misinterpreting" last rate conference gave a bid tone in the late morning just as the Ukraine news started to lose its FTQ bid.
These comments helped the bund to make a hi of 142.68. However no attempt was made at filling the 6th march opening gap to 74.
Bund 30 min
Despite being someway from its highs the bund is still in an uptrend long term, in the mid term the trend was clearly lower since making the high on the 3rd. Short term is very choppy just now so we are at an interesting point as the 2 trend start to meet.
bund 240 min
€ curve
Only 2s5s appears to be in strong trend, both long term and short term charts trending lower.
2s10s long term still lower although the shorter timeframe shows plenty more sideways chop. Whilst 5s10s has bounced quite someway from low and on both timeframes looking midrange.
€ teds
After modays higher ltro repayments and fixings gave dip buying a scare especially after no rate cut on Thursday. Since then its been biz as usual as the uptrend had reasserted its self.
Ukraine issues still not over so maintaining a tight defence on any ted longs or bond steepeners.
BTP/BUND spread on bottom of uptrend moving average right now..After early march push higher I wouldnt be surprised if this has a minor correction. It would scare my dip buying approach to teds tho.
Schatz auction should be worth watching today. French non farm, Spanish & Portugal CPI and EUR Industrial Production all out this morning.
Nothing of any note US this afternoon tho.
SnP showed a moment of weakness yesterday. Keep an eye on that this afternoon.
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