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Bund Steepening Extends, Gilt Selloff Pared As GBP Takes A Breather

BONDS

Bunds and Gilts have pulled back further since midday London time, though as with other moves today it looks like other asset classes are exerting the most gravity: the USD is bouncing from session lows (with GBP fading a little), with stocks now a little off their highs.

  • No particular headline trigger seen for the most recent move.
  • The German curve is steepening further (2s10s last +3.1pp on the day) with 10Y Bund yield up over 7bp, while the UK's is pulling back from steepest levels (2s10s last +6.9bp, vs 7.7bp high) though 10Y yield is still up 8.6bp on the day.

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