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Bonds trades near session low

CROSS ASSET
  • A very mixed session across Govies, and the lack of Volumes suggest that most are on the sideline.
  • No clear direction bias, as we await for the US to come in and the US CPI release.
  • GBP is down, with some, likely pointing the finger at the UK data miss, but the lower price action in Gilts doesn't support that thinking.
  • Early initial driver in FX, is the USD bid, with market participants positioning ahead of the US release.

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