Yesterday, we got a long awaited global sell off, with most indicies losing between 2-3% for the day. The question now is will it be sustained or just another opportunity to get long. Yesterdays closing action was quite significant as it is the first time in many sessions that there hasn't been a huge spike either was in the last 30 mins of trading, it simply stayed flat. Were the buy programs on hold today? We need more then one session to find out. Futures this morning are pretty flat, but with key data coming out from UK, EU and US, this is likely to set the tone for the session.
Bunds yesterday broke 119.24 and is now trading 119.59, with next targets to the upside at 119.87 and 121.28. On the downside we looking at first stop 118.43, then 117.50.
Front month Euribor spreads continue to climb upwards, as rate hikes sooner rather then later continue to be priced in as speculators continue to test whether rates can continue to stay this low.
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