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Testing session highs


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CBR Seen Moving Against RUB Rally


Crude edging higher after EIA data


Resistance At The 20-Day EMA Remains Intact

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BOND SUMMARY: A limited liquidity backdrop was evident in Asia, given the well
documented, widespread holidays across the region, with the same set to hold
true in Europe.
- T-Notes continued to edge away from their late NY lows, but held a tight
range, on subdued volume, last +0-00+ at 139-02+, with yields 0.8-2.5bp richer,
as the curve bull flattens and swaps lag, at the margins. An intensification of
Sino-U.S. sabre rattling and reports of potential U.S. actions against China,
coupled with weak e-minis in the wake of Apple & Amazon earnings, were the major
supporting factors.
- JGB futures extended on their pullback from the overnight high, to trade
comfortably lower, with the front end/belly leading the way. We also saw a weak
round of supply for off the run 1-5 Year JGBs.
- In Australia, YM continues to sit where the RBA wants it, last +0.5, while XM
benefitted from the broader risk-off feel to the session after an early look at
the SYCOM lows, last +1.5. Dynamic also got some help from a fairly typical AOFM
issuance schedule, that isn't heavy on duration, at least by recent standards.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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