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EGB/Gilt - Hold onto gains

BONDS
  • Bund and EGBs have held onto gains this afternoon, taking their cue from the morning price action, but upside remained limited.
  • Bund traded back towards Monday's high at 169.92, printed 169.94 high, and is now trading at 169.81 at the time of typing.
  • EGBs have followed suit, but Italy outperforms throughout the session.
  • In turn peripheral spreads are tighter, with Italy still in the lead, by 2bps vs the German 10yr.
  • Similar story for Gilts, the contract traded off its lows, led by Germany, as desk short covered and took profit, as OTC desk looked for Yields.
  • Gilt/Bund spread is flat on the day.
  • Looking ahead, tomorrow sees ECB Lagarde, BoE Mann.
  • The only notable data will be the UK Retail sales on the EU Cash open.
  • Investors, Real Money, are already turning their attention to the FOMC meeting next week.
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