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Bid Into Europe As Chinese Lockdown & German State CPI Data Support

US TSYS

Tsys have firmed ahead of European hours, on the back of the most populous region in Germany (NRW) experiencing a slight moderation in inflation during the month of June. Note that the state has the largest weighting in the national German CPI reading, with the remainder of the regional releases and flash national reading set to filter out through the day.

  • Earlier in the session we saw a pullback in oil prices and some weight for the regional equity indices, stemming from news that a county in the Chinese province of Anhui had gone into a COVID-related lockdown, provide some light support for the space.
  • TYU2 trades 0-03 off of best levels at typing, +0-18+ at 117-09, operating in a 0-17 range, on volume of ~110K.
  • Wednesday’s NY session will see the final Q1 GDP print, weekly MBA mortgage apps data and Fedspeak from Powell, Mester & Bullard. The aforementioned round of German CPI readings will clearly also provide interest, given the market reaction and dynamic observed in the NRW print.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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