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Big moves off the German lockdown headlines

STIR FUTURES

Big moves following headlines that Germany is not ruling out a lockdown (and following earlier news that Austria is entering a lockdown and will make vaccinations compulsory from February).

  • Short sterling up 4-6 ticks across the curve with Euribor/Eurodollar up 2.0-3.0 ticks in the Reds onwards with a flattening of the curve in Whites.
  • Short sterling hit the most because there is the most priced into the curve (despite the news coming out of Europe).

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