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BTP-Bund spreads tighten, approaching Fibo level

EGBS
  • In line with the general risk-on recovery in markets (equities moving higher and core FI moving lower) we have seen peripheral spreads continue to narrow this morning.
  • 10-year BTP-Bund spreads are down 1.1bp on the day, now down to 186.5bp, down over 20bp from the 207.0bp peak seen on Monday and around the 38.2% retracement from the March 31 low to the Monday's high.

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