Eurodollar Mar '21 (GEH21)
Eurodollar Futures Market News and Commentary
Mar 10-year T-notes (ZNH21) on Monday closed up +11 ticks, and the 10-year T-note yield fell -4.8 bp to 1.038%.
March 10-year T-note prices on Monday rallied to a 2-week high, and the 10-year T-note yield fell to a 2-week low of 1.033%. Concern that prolonged Covid lockdowns throughout the world will undercut global growth boosted T-note prices on Monday. T-notes also found carry-over support on strength in German bunds that rallied on soft Eurozone economic data and dovish ECB comments.
Global economic concerns are providing support for T-notes. Fears that tighter Covid lockdowns will curb economic growth intensified Monday after France's Health Minister said France is set to go back into lockdown "within days" amid concerns that a new wave of infections driven by the more-contagious UK variant of Covid could spiral out of control. Also, UK Prime Minister Johnson said Monday that the UK would not loosen its Covid restrictions before mid-February.
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