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EGBs trade within this morning's ranges, but still in red territory.

  • BTP extended lower, after Italy announced a dual tranche announcement existing 7y BTP / new 50y BTP, expected tomorrow.
  • German curve remains bear steeper, but off the best levels.
  • Gilts has recovered from the session low to trade close to flat on the day, at the time of typing.
  • We now eye last Thursday's high at 128.11, given the longer Easter break, with initial resistance seen at 128.25 20-day EMA
  • Main driver today for the Pound and Gilt, has been the Astra vaccination concerns, following weekend report that a decision could be made to restrict the use of the jab in younger people.
  • While US and German lean steeper, the UK curve has flattened on risk event worry.
  • Looking ahead, Fed Barkin is scheduled.
  • Jun Bund futures (RX) down 26 ticks at 171.57 (L: 171.32 / H: 171.89)
  • Germany: The 2-Yr yield is up 0.5bps at -0.703%, 5-Yr is up 1.2bps at -0.647%, 10-Yr is up 1.7bps at -0.311%, and 30-Yr is up 1.3bps at 0.239%.
  • Jun Gilt futures (G) down 7 ticks at 128 (L: 127.62 / H: 128.06)
  • The 2-Yr yield is up 0.1bps at 0.077%, 5-Yr is up 0.8bps at 0.374%, 10-Yr is up 0.6bps at 0.801%, and 30-Yr is down 0.2bps at 1.341%.
  • Jun BTP futures (IK) down 79 ticks at 148.96 (L: 148.85 / H: 149.88)
  • Jun OAT futures (OA) down 29 ticks at 162.12 (L: 161.89 / H: 162.48)

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