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Early focus is on supplies

  • Bund dip lower on the open, driven by the early extension higher in Equities, with Europe and US testing best levels for Risk, albeit still short of November's highs.
  • Given all the Central Banks next week, expect rolling positions for FX (Expiry 13th), and Equities (expiry 17th), to start picking up pace.
  • Today sees a fair amount of data, but very little in terms of market moving releases.
  • EC GDP is final reading, and very little out of the US, with most eyes on the CPI release on Friday.
  • SUPPLIES: Early focus will be on supplies, with Netherlands EU3bn 2024 (Equates to 36k Schatz, or 5.1k Bund), UK £1.5bn 2051 (Equates to 42k Gilts) should keep the lid on respective duration, German EU4bn Schatz (equates to 36k Schatz), and US $54bn 3y

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