After a sharp bounce on the Bund, it was back to selling again, as we touched 122, and have retraced back to 121.18 again as I write. Schatz has barely moved as the Schatz Bund Spread rose big rising almost 70 ticks.
This was also the case in Euribors too but to a much lesser extent, as we inched up on the spreads across the curve.
Euro zone GDP was worse then expected, but US CPI was slight stronger then expected which gave rise to the market as the risk of deflation has eased.
Even though we haven't caved in yet on the stock front I still maintain my longer term view that we going for another big down leg, but for now, even though more downside is due technically, there's still buyers out there holding this market up.
Im away next week, will be updating again on the 26th.
Good trading!
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