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Another leg lower

BONDS

No new headlines flow, but core fixed income taking another leg lower since around 12:00GMT / 7:00ET as North America has got into the office. The move seems to be a continuation of the higher inflation prints in Spain and Germany along with the market-positive election results in Italy and Portugal.

  • Bunds closing in on key support at 168.95, this is the January 19 low, and our technical analyst highlights this level as the bear trigger.
  • 10-year BTP-Bund spread continues to compress, from over 10bp earlier to 3.8bp tighter on the day now.
  • Gilts are challenging Friday's low of 122.09. Below here is the 19 January low and bear trigger.

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