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Bunds at lows of the day

BONDS
  • Bunds continue to move to their lows of the day following the rise in Spanish core CPI this morning (a 0.6ppt increase to 6.9%Y/Y). Today's current level and low of 133.40 approaches but does not yet breach yesterday's low of 133.35 or Tuesday's low of the week at 133.25. Below here our technical analyst sees round number support at 133.00. In cash terms 10-year Bund yields are up 7.5bp on the day but Schatz yields only 0.4bp higher as the curve has bear steepened.
  • Gilts have been dragged lower by the Spanish inflation print, too, with futures breaching yesterday's lows, down around 35 ticks on the day, and 10-year yields up 4.7bp.
  • Treasury futures also lower, but more comfortably above yesterday's intraday lows. Down 0-05+ on the day with 10-year yields up 3.2bp.
  • For both gilts and Treasuries curve moves have been more parallel.
  • The last major event of the year will be the release of the MNI Chicago PMI this afternoon.
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