[MARKET ANALYSIS] Treasury futures rally as the US-Iran ceasefire and slump in oil ease inflationary pressures

The announcement of a US-Iran ceasefire is boosting Treasury and Bund prices as it alleviates inflationary fears, particularly with a sharp decline in oil prices.

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[MARKET ANALYSIS] Treasury futures rally as the US-Iran ceasefire and slump in oil ease inflationary pressures

[CALENDAR ADDITION] US President Trump is to meet with the Agriculture Secretary at 11:30EDT/16:30BST and will meet NATO Secretary General at 15:30EDT/20:30BST

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USTs: +20.5 ticks

  • Surged higher as yields and inflationary pressures were eased by the double-digit drop in oil following the US-Iran ceasefire announcement, while participants look ahead to a 10-year auction stateside and FOMC Minutes.

Bunds: +137 ticks

  • Rallied as markets were relieved by the ceasefire agreement and with Iran to allow safe passage through the Strait of Hormuz, while Eurozone Retail Sales and a EUR 5bln Bund issuance loom.

JGBs: +31 ticks

  • Followed suit to the advances in global peers but is off today's best levels following stronger-than-expected Labour Cash Earnings for Japan.
Context

This relief in geopolitical tensions could positively influence the broader risk environment, while the market anticipates upcoming economic data including the 10-year auction and FOMC Minutes.

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