18/11/2013

Good morning all,

U.S. 10 year

Just a couple of ticks higher since the Eurex close, this puts immediate resisitence at 141.78 in the spotlight. Quite a light day on the data front to drive direction so I guess we shall just follow the path of least resistence. Which to me says up....slightly.

Bund

€ curve,  current up move in bonds is weighing on the long term curve chart. Could be a quiet day so I'm keeping positions light and flexible. Bobl seems reluctant to follow the bunds higher at present, I see Schat/bobl spread with little direction until bund breaks out of the range of the past few days. Whilst Schatz/Bund is around support and looks heavy as does Bobl/Bund. Speculation about forms of liquidity providing by the ECB now under the spotlight and may become an influence when the next meet comes on to the radar.

€ curve

 

A few Fed speakers this afternoon could have an influence on direction. We also have a nice new big figure to look forward to in the S&P at some point today.

 

 

Mini S&P

 

Good luck

Lee