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ECB day

BUNDS

Some supplies to take down ahead of ECB.

  • Bund, are better bid, mostly inline with other Global Bonds.
  • German curve trades flatter, but again within April's ranges.
  • No tier 1 data in focus for the session, with attention turning to the ECB.
  • As our Preview noted: This week's ECB meeting is widely expected to be a low-risk event.
  • Nonetheless, competing views on the economic trajectory and the lifespan of PEPP are starting to emerge, which could come into sharper focus by the time of the June meeting.
  • Also worth noting the piece from Monday, with Bond strategists favouring shorting Bund, via Paying swap and outright.
  • Strategists at GS, saw that the ECB was on course to gradually upgrade its outlook, implying a tolerance for higher Yields.
  • SUPPLIES: Some decent supplies to take down ahead of the meeting, with Spain 3, 7. 10yr, and } France 3, 5, 7s.

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