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A real two way price action this morning,.....>

BONDS
BONDS: A real two way price action this morning, with risk neither on or off.
Equities were better offered and Govies better bid on the European open, but
momentum has lacked clear traction in either direction.
-Looking ahead in term of supplies: 
Today: 
*US auctions 3-Year Notes. 
-Tuesday: 
*The Netherlands will sell E1-3bn of the 0.0% Jul-30 DSL 
*Germany will tap the 0.0% Nov-27 bund for E3bln. 
*U.S. 10-Year Notes Reopening. 
-Wednesday: 
*Portugal tap 2.875% Jul-26 OT and the 0.475% Oct-30 OT for E1.25-1.50bn 
-Thursday: 
*Italy tap of medium/long-term BTPs. Details yet to be announced. 
*Ireland is also scheduled to sell bonds 
*U.S. auctions 30-Year Bonds

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