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A packed data day

BUNDS
  • Bund remains elevated, albeit in the red in early trade, but still at highest levels since April.
  • Some outstanding moves for the contract, rallying 1730 ticks from the June low, or 828 ticks from last week's ECB low.
  • Early French GDP beat expectation pre cash open but plenty of data are left for the session.
  • Early focus is on the Buxl, which could limit some some of the steepening bias.
  • Still to come, French prelim CPI, Spanish prelim CPI and GDP, Italian prelim CPI and GDP, German prelim GDP, EC prelim CPI and Advance GDP.
  • Out of the US, PCE core deflator (June), MNI Chicago PMI (July), Michigan will be final reading.

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