Fixed Income: on the brink of fresh upside breaks?
Bunds have just nudged a new Eurex intraday high at 163.30, eclipsing Tuesday’s 163.27 best, but again not triggering buy-stops for a follow through towards 163.40 that forms the next tech obstacle ahead of this month’s 163.63 high so far. Perhaps some reluctance to push on too far ahead of 30 year German issuance, while oil is on a roll with WTI just shy of the Usd 58/brl mark and Brent firmly above Usd 63, although any inverse correlation between higher crude prices and inflation implications weighing on bonds has long gone it seems. Gilts ahead, as expected, but also off best levels nearer the bottom of a 125.14-26 range vs the 125.07 previous settlement. Back to Bunds, 163.02 should provide initial support on a further pull-back.
22 Nov 2017 - 08:13- - Source: ransquawk
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