Balanced nothing kind of day yesterday, a small drift lower in bonds and stirs as we jostle for position into tomorrows main event. I'm not expecting much in the way of action from the UK BoE so unless the Bobl auction does something out of the ordinary its likely to be a similar day today. Personally I'll be watching out for any sources story that could go against any of the expectations in place for QE.
Tya 240min
30min
Bund 240min
Bund 30min
There wasn't much of an attempt to push lower yesterday so overall up trend is still the path of least resistance.
Yesterdays Net change on close
€ Curve
€ Ted
Lack of volume in the Euribor probably meant it overshot to the downside versus bonds yesterday as the teds have come off quite a bit.
Keep powder dry today.
Good luck
Lee
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