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A steady early session for Bonds


A calmer morning session for Govies

  • Bund trade flat on the session with no spillovers from or into Equities.
  • Indices were initially better bid, but have since faded.
  • German 5/30s, tested another multi year high (steepest since July 2019) on the cash open, but we have since reversed the early move to trade bear flatter on the margin.
  • Peripherals are generally trade close to flat versus Germany, albeit Greece 1.4bp wider
  • Gilts saw better bid on the open, as the UK comes back from a bank holiday.
  • The contract has since faded and trade at the lower part of the range , although still just down 2 ticks at the time of writing
  • US Treasuries trade within overnight ranges, in what was a quieter session, given Japan and China out on Holiday.
  • US curve also trade flat, with the long strip just a few ticks in the red.
  • Looking ahead, US Trade balance, Factory orders, and durable goods (Final reading).
  • Speakers, sees Fed Daly and Kaplan, and for Canada Senate committee appearance by Governor Macklem

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