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Core fixed income moves higher ahead of 3/10y UST auctions


Core fixed income has been on the front foot, with equities in the red this morning but little in the way of new news driving the moves.

  • Today sees a light data calendar with Eurozone retail sales alongside a few ECB/BOE speakers. Most notable in the day ahead will be a speech from the Fed's Rosengren (at 18:00BST/13:00ET) and the weekly ECB asset purchase release (at 14:45BST/09:45ET).
  • In terms of supply the UST 3-year ($58bln) and UST 10-year ($38bln) auctions will be the highlights while the EFSF are holding a syndication for E4bln of a new long 5-year.
  • TY1 futures are up 0-2+ today at 131-26 with 10y UST yields down -0.5bp at 1.655% and 2y yields unch at 0.156%.
  • Bund futures are up 0.37 today at 171.74 with 10y Bund yields down -1.8bp at -0.322% and Schatz yields down -0.7bp at -0.714%.
  • Gilt futures are up 0.08 today at 128.32 with 10y yields unch at 0.772% and 2y yields up 1.0bp at 0.050%.

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