Cross-currents in EUR rates - TDS
|Pooja Kumra, European Rates Strategist at TD Securities, suggests that the risk sentiment in EUR rates continues to be driven by two opposing themes of the end of the ECB's QE programme and Italian political risks.
Key Quotes
“This has prevented yields from moving out of the recent trading ranges of 30-40bp.”
“The end of the ECB's expansive QE programme does argue for higher EUR core rates. That said, the move in this direction is likely to be much slower than anticipated.”
“In this environment, we still prefer tactical positioning rather than strategic trading themes.”
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