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A mixed picture across curves

BUNDS
  • Fairly subdued start in Bund and Govies, with most of the early action in FX so far today.
  • German 5s/30s curve lean steeper, but overall we are in flattening territory in that part of the curve, lowest since end of August.
  • A different story for 2s/10s, flatter in early trade but still in deep steepening territory, after we tested steepest levels since May 2019 this week.

Chart source; Bloomberg

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