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Above average Volumes in early trade

BONDS
  • Bund has fully reversed the early bid, with the 2.20% support in Yield holding, printed a 2.198% low, now back towards levels it was trading at going into the Cash open, was around 134.63, now at 134.60.
  • Big volumes are seen across the board since the European Govie open, above average volumes for this early time in the day in EGBs and Treasuries.
  • Even Gilt sees above average clip, above 1k at a time, with counterparties clearly finding each other given the slow pace of the moves.
  • Positioning and Risk hedging more than likely at play ahead of the US Data.

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