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Above average volumes in Govies

BONDS
  • EGBs have been more stable in the past 1 hour and a half, as the dust settles post PMIs and the unexpected cut from the Swiss National Bank.
  • Despite the tighter range for that last ~hour period, Bund is still seeing its best traded volume in the June contract for this time of the day.

Latest flow, sees Bobl basis related trade, suggesting cash seller:

  • OEM4 2.7k at 117.86.
  • Schatz and ERM4 are also seeing outright sellers, in 5k respectively.

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