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Treasuries cheaper this morning – RBS

FXStreet (Barcelona) - William O’Donnell, Head of US Treasury Strategy at RBS notes treasuries are cheaper this morning as front ends in the US, UK and Germany suffer from selling pressures.

Key Quotes

“Overall flows were light but front end safe haven paper has been hit on carry trade unwinds and revelations from the BOE Minutes that "BOE sees slack soon exhausted, boosting CPI pressure."”

“On the other hand, JGB 2's traded almost to 0.0% overnight, hitting 0.02% intraday.”

“Asian stocks were generally lower, EU and UK share markets are mixed/higher and S&P futures are showing -1pt here at 7am.”

“Our overnight US rates flows saw sovereign names selling 2's, fast$ paying in 5's and real$ selling in 10yrs. Overnight Treasury volume (4pm to 6am) was 75% of the 10-day average.”

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