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EGB/Gilt - Some position squaring ahead of the UK Bank holiday

BONDS
  • EGBs and Bund have faded from this morning's lows, but are still overall in red territory.
  • Some desks have likely squared some positioning ahead of a longer weekend for the UK (The Queen's funeral), and Japan (Respect for the Aged Day).
  • German curve, 5s/30s tested another multi year low, but traders have faded some of the bear flattening this afternoon.
  • Peripherals are all wider against the German 10yr, Greece leads by 4.6bps, but overall, spread remain within the September ranges.
  • Gilt future outperforms, after the UK retail sales miss set the tone for the contract.
  • Although it was initially dragged lower by Europe, Gilt is back in the green, albeit closer to flat at the time of typing.
  • Looking ahead, Central Banks takes centre stage next week, when a few are expected to hike, including the Fed and the BoE.
  • Notable data for next week : Japan CPI, German PPI, Canada CPI (tue), EU Cons Conf (thu), Prelim Services PMI for Europe and US (fri).
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