Today was a calmer day with the euribor outright and calendars, volume was roughly half what it was yesterday. But the big trade of the day was the selling of bund relative to the gilt. While Gilts were small down bund was down over 70 points, another long end sell off in the european curve. This was due to the bank of England launched its gilt repurchase programme.
I tended to play the range today, in what was a quiet day, in short sterling however we had an up trend in the calendars, and got caught slightly trying to sell it. We were pushing higher in jun10 and sep 10 relative to dec10 which was lagging which I was hoping would come back, but not today, we see how it will pan out tomorrow.
Happy trading
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