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Early Rally Extends

BONDS

The early rally in core global FI markets extends. We point to a couple of potential drivers:

  • The internals of the UK labour market data seemed to show a continued softening, despite some better-than-expected headline outcomes re: employment change (which still fell) and a modest downtick in the unemployment rate. A reminder that an ONS methodology changes muddies some of the inference that you can draw from comparisons to previous data re: the headline figures.
  • The TY futures block buy that we have flagged elsewhere would have helped from a flow perspective, while momentum from Monday/Asia-Pac hours seems to be another facilitator of the move.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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