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Cheaper And Flatter On German Regional CPI Data

US TSYS

The post-German NRW CPI weakness in Bunds applies some modest pressure to U.S. Tsys, although the move in U.S. paper is more contained than that seen in German counterparts.

  • That leaves TYZ3 -0-05, off lows.
  • Cash Tsys are 1.5-3.0bp cheaper as the curve flattens a touch and outrights move back from yesterday’s post-data richest levels.
  • A block sale of UXY futures (-2,145) headlined on the flow side in Asia.
  • Pre-NY focus will remain on German regional CPI prints, as well as Spanish preliminary inflation data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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