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BTP/Bund spread hovers near support

  • The BTP is back at pre Italian CPI level, but futures still lag Bund translating in 1.2bp wider Italy/Bund spread.
  • The spread is still at some interesting levels and finding some support ahead of the 180.00bps mark.
  • Immediate support is at 179.29, the 31st March low.
  • Below the latter, would see 173.66bps, the March low, followed by 169.85bps, the January and the 2023 low.

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