Wednesday, 24 June 2015

Fixed Income technicals

Bund futures trade up 24 ticks at 150.93 this morning after trading as high as 151.06 earlier after slightly weaker German IFO data helped underpin the slight bid tone this morning. A break above the highs should see a test of 151.36, and a break above which could see strength up to 151.79. To the downside 150.60 remains good support, with a move below this to target yesterdays lows at 150.02 and then 149.93/85.

UK Gilt futures saw earlier weakness opening at 114.66 down over 20 ticks on the back of BOE member comments stating that the BoE should be ready to raise Interest rates as early as August. It is currently trading 114.65 trading at the lows of the day. Momentum remains to the downside with support at 11.48 and 114.27. A move to the upside would target 115.36.

BTP futures trade flat this morning having been down earlier in the session trading at 131.94 up 5 ticks. The future is trading mid range currently with upside resistance seen at 132.66 which is yesterdays high with a move lower targeting 131.56 then 130.57.

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