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A busy start for the European session

CROSS ASSET
  • A really busy start as Bund unwinds most of the early sell off, and despite fairly limited ranges overall, Volume in Bund is way above average for this time of the Day.
  • Some early short cover and dip buying has helped Equities and Govies off their lows.
  • US Treasuries have also seen a decent jump in liquidity, latest buying flows has seen FVA in 3k, USA 1k, and similar flows in OAT 1.5k, Gilt 1.5k, BTP 2k.
  • In Commodities, WTI has slipped some ~60 cents since the UK inflation data, and eye a test to $71.00.

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