Posted Jun 10, 2015 by Martin Armstrong
Interesting day all around…
European bonds are weaker from the opening rumors of unwinding the yen carry trade as a result of the stronger JPY (on Abe’s comments) resulting in 10-year bund trading briefly above 1% and the U.S. 10-year note at 2.50%, but then retail appeared and the bounce continued throughout the day – periphery followed.
Greece, never out of the news, who despite managing to sell some short term bills we still see the 2-year notes trading above 25%. Late news that there may be more money for Greece, under the condition that Greece approves just one reform, was followed by an improvement in all European bond markets.
The Mansion House speech is tonight at 5:00 p.m. featuring London Chancellor and Mark Carney.
Sterling trading well today… so far!