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Bear steepening on Vaccine news

BUNDS
Small bear steepening in the German curve on the cash open, following vaccine headline. and expected roll outs early next week in the UK.
  • 5/30s is trading above yesterday's high. as outlook improves.
  • Focus remains squarely on Brexit, Michel Barnier will brief EU ambassadors sometime this morning via videoconference.
  • Today sees very little in terms of tier 1 data, and no ECB speakers are scheduled.
  • Instead some focus on supplies, with France 10/15/20/30yr, and German EU2bn 5yr Bobl (equates 16k Bobl, or 6.6k Bunds).
  • Moreover, expect rolling into December, to continue dominating Volumes.

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