Euro-Bund future –Dec 2008 |
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Comment: When US TBills carry a negative yield you know you are in big trouble. The dollar interbank market is a joke but Euro Libors are a true reflection of the current cost of money although yielding a good 100 basis points over TBills. We feel the spread between German and US two-year TNotes should narrow. The Bund future pulled back more sharply than anticipated from the pivotal 3.75% yield. It should now form an interim base against retracement and Ichimoku ‘cloud’ support around 113.00.
Filed under: Technical
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