Thursday , 21 January 2021

MBS MID-DAY: Rally Pulls Back After Fuel Dries up

By Matthew Graham

Posted To: MBS Commentary

It’s been a pretty simple trading session. Overall, participation remains much lower than normal, but has picked up from Friday’s levels (which were the lowest of 2014). Much of the increased activity was a factor of an even busier trading day in Europe. Greek parliament failed to elect a new President, thus necessitating a new national election. Markets knew this was a risk, but it wasn’t a sure thing. The frontrunner in the new national election is Tsipras, who’s not a fan of EU-imposed austerity measures and whose brinksmanship almost forced a Greek Eurozone exit in 2012. Expectations have been drifting toward a similar outcome this time around. The market-based results are similar as well with German Bund yields reaching a new record low today. Treasuries followed the direction…(read more)

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