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EGB/Gilt - Bund back below post NFP lows

  • EGBs and Bund remain volatile, but mostly helped by the lack of liquidity, with volumes running way below averages.
  • US PPI miss had very little impact, Bund future still trade in a 155 ticks range.
  • After initially bouncing all the way up to 157.45, Bund is back below post NFP lows at 155.90, printed a 155.88 low so far.
  • Peripheral spreads are all tighter, with Greece in the lead, by 7.2bps, but within ranges.
  • Gilt/Bund spread tested the August high (widest) at 108.9bps, now at 108.5.
  • This is also the widest level since end of March (25th).
  • Above the latter sees 111.14bps.
  • Looking ahead, tomorrow sees a busier day to end the week, with Swedish CPI, UK GDP, French and Spain final CPIs, US prelim Michigan.

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