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A quiet start to the week for fixed....>

BOND SUMMARY
BOND SUMMARY: A quiet start to the week for fixed income, with thin trading
ahead of the May 1 Europe holiday and holidays today in China and Japan. 
- German CPI/HICP data for April bears watching today (1400 CET), with regional
readings this morning looking soft (analyst consensus is -0.1% M/M for national
CPI) and Italy prelim HICP on the weak side. Bunds got a bit of a lift from NR
Westphalia Apr CPI at 1.5% y/y, below MNI pan-German median of 1.6% y/y. RXM8
last 9 ticks lower at 158.57.
- Market still digesting last week`s poor UK Q1 GDP print. Short sterling little
changed after Friday`s rally, curve a little flatter on blues up two ticks. 
- Eurodollars are largely flat too, with 10Y US Tsy flat at 2.96%, seeking
direction after last week`s failure to decisively breach 3.00%. 
- Market could move on key US risk events this week including PCE & MNI Chicago
PMI data, due later today, ISM M'fing PMI, due Tuesday, FOMC MonPol decision &
ADP employment data, due Wednesday, ISM non-M'fing PMI & factory orders, due
Thursday & NFPs due Friday. There will also be a raft of Fedspeak hitting after
Wednesday's FOMC decision. 

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