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Early Global tightening

BUNDS
  • A tight 17 ticks range (169.40/169.57) for Bund overnight, and we remain well within yesterday's range ahead of NFP tomorrow.
  • Medium, longer term outlook is unchanged, tilted to the downside.
  • Worth watching peripherals, and developed Bonds all moving tighter against the German 10yr.
  • The only exception is the Treasuries, with Tnotes 0.7 wider in early trade
  • Today sees very little in terms of market moving data, the big miss in German IP on the cash open had no impact whatsoever.
  • ECB release their minutes (Accounts of the last meeting)
  • SUPPLIES: Early morning focus is on Supplies which should weigh on respective duration, into the bidding deadlines.
  • Today, includes Spain 2028/31s/33s/40s and French 2030/31s/53s/66s.
  • SPEAKERS: ECB Eldrson, Lane, Holzmann, Schnabel, Fed Mester.

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