Core FI off intraday lows but inside yesterday's range

Core fixed income is off of its intraday lows which were seen shortly after the European cash open. However, the moves are unremarkable compared to recent day's price action and Treasuries, Bunds and gilts all remain within yesterday's trading range. Month end extensions remain a talking point in the market.

• This morning has seen CPI data in focus across the Eurozone with data generally in line or marginally below consensus expectations (in contrast to yesterday's Spanish print that was 0.5ppt higher than expected).
• We have also seen UK Q2 GDP revised up from 4.8%Q/Q to 5.5%. Later today we will receive the third print of US Q2 GDP.
• TY1 futures are up 0-5 today at 131-20 with 10y UST yields up 0.1bp at 1.519% and 2y yields up 0.3bp at 0.294%.
• Bund futures are up 0.02 today at 170.17 with 10y Bund yields down -0.4bp at -0.218% and Schatz yields down -0.2bp at -0.700%.
• Gilt futures are down -0.17 today at 125.49 with 10y yields up 0.9bp at 0.999% and 2y yields up 0.6bp at 0.405%.