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Attention now turns to the US CPI

BONDS
  • A 54 ticks range for Bund, dipped lower on the open following the UK Employment and Earning beat, but price action has been limited, with Real Money on the sidelines ahead of the awaited US CPI.
  • Bobl and BTP, underpeform, weighted by heavy German 5yr Bobl supply and heavy Italian short and long supply.
  • Move in EGBs, sees widening between core and semi core, with Italy leading, 2.3bps wider against the German 10yr.
  • Gilt trades in a 38 ticks range after gaping lower on the open, following the UK Data, but the contract has failed to extend losses and has found a bid, but is still short of the opening gap that would be back up to 95.26, printed a 95.18 high so far, and trading at 95.00 at the time of typing.
  • Worth keeping an eye on the Gilt/Bund spread, now trading at 198.3bps, ahead of the psychological 200bps.
  • US Treasuries continue to trade within their overnight ranges, with desk positioned for a weaker CPI, with median consensus looking for the MoM reading falling to 0.1% vs 0.4% last.
  • Looking ahead, the main event is the US CPI.
  • Speakers include, BoE Greene, Bailey, Dhingra, and ECB de Cos.
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