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A session full of data

BUNDS
  • Bund is pretty much where it has been for the last couple of days, as the street awaits US NFP and ISM.
  • In terms of EU rolls, Schatz is today the standout, after Bobl saw big volumes in the spread on Tuesday, followed by Bund yesterday.
  • It seems that desks are potentially positioned for a disappointing data, given the offered USD and underpinned Bonds.
  • Nonetheless, risks remains to the downside, but the data will be the short term driver.
  • Early focus will be on Global services PMIs, although will be Final readings for France, Germany, EU, UK and US.
  • We have no CB speakers scheduled, but the US President will delivers remarks on the August jobs report by 8:00 am. Nothing new here.

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