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Early action is in the Bobl

BONDS
  • New session highs for Govies, consolidating some of yesterday's big sell off.
  • Most of the early action in Germany is in the 5yr part of the strip, with Bobl, trading more than Bund.
  • Still, volumes are below averages.
  • Bund has only traded 66k, when you would expect close to 200k in 2 hours of trading (see chart).

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