Euro-Bund future –Dec 2008 |
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Comment: The rush into TBills and two-year TNotes is understandable, and we continue to feel Libor’s spread over these should be a lot wider. Perhaps it is a question of ‘shadenfreude’ but the way Bund yields are lagging so badly behind US ones is quite alarming. We feel German ten-year Bund yields should drop quickly to 3.75%, maybe 3.50%, where some consolidation is due. Then a lot lower still. This month Bund futures should rally, our medium term measured target at 117.70/118.00, one
Filed under: Technical
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