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Bund lead Govies higher

BONDS
  • Bund, Gilt, Tnotes are all at session high, led by Germany here, as desk defend the 0% 10yr yield and following a Dovish Lagarde earlier.
  • Move in Bund, push the Tnotes/Bund spread 2.3bps tighter and Gilt/Bund so far just 0.4bp.
  • With investors and traders pricing a more punchy, aggressive Rate hike outlook for the UK.
  • The Gilt/Bund spread still trade at widest levels since October.
  • Further widening would target the October high at 130.763, which was the widest level since May 2016.

Chart source: Bloomberg

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