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Busy day for data with the UK/US on holiday

  • Bunds are seeing some weakness on the open after a subdued overnight session for core fixed income and amid a day which is likely to see low liquidity with both the UK and US out of the office for public holidays.
  • OAT and BTP 10-year spreads are marginally wider on the day but most peripheral bonds are yet to see any substantial moves on the day.
  • It is a relatively busy day on the data calendar today. German state CPI readings have already begun with North Rhine Westphalia coming in at 0.5% M/M, higher than the consensus for the national print of 0.3%M/M. We will also see Spanish HICP at 8:00BST, Italian HICP at 10:00BST and the German national print at 13:00BST. Eurozone money supply data at 9:00BST might also garner some attention given the focus on inflation in markets at present.
  • In addition, we will see Belgium sell E2.9-3.4bln of 4/10/30-year OLOs and France sell up to E6.5bln of BTFs.
  • Bund futures are down -0.19 today at 169.75 with 10y Bund yields up 1.3bp at -0.170% and Schatz yields up 0.5bp at -0.664%.
  • BTP futures are down -0.14 today at 147.20 with 10y yields up 1.8bp at 0.931% and 2y yields up 0.4bp at -0.320%.
  • OAT futures are down -0.20 today at 160.22 with 10y yields up 1.8bp at 0.190% and 2y yields up 0.4bp at -0.647%.

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