After going back and forth in stocks and bonds on low volume and no real catalysts, the shokingly bad consumer along with todays and tomorrows data will really set the tone for where we go next. Today we had a strong retail sales number from germany, and this afternoon we have ADP Emplyment change, ISM Manufacturing, pending home sales, and tomorrow we have ECB rates followed by Trichets press conference and the biggie, Non farm payrolls. So alot to get through over the next two days.
First day of the month and we see stocks going up like a rocket, as traders start the new quarter with buying.
As for bonds short end continues to be in demand with the Schatz leading the way. Bunds are flat at the moment, but still above that 121 level.
Euribor spreads have stabilised for the last couple of sessions, with more downside pressure to the far end of the curve as the steepening continues. It has been a tough market to trade of late, due to lack of volume during most parts of the day but with the barrage of upcoming data, I'm confident we will get some good opportunities.
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