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Review 10Y Auction: 3.3Bp Tail, Tsys Sell-Off


Falters Ahead of Key Resistance


WI 10Y


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  • Another 242 ticks session range for Bund, and similar price action in BTP and OATs
  • Yields have fallen, a continuation, from this morning, after the French CPI came inline, as oppose to a clear beat.
  • German 2yr tested the 0.65% support, but off the lows at the time of typing.
  • Bund challenged the Psychological 149.00 level, but has been met by decent selling interest, and printed a 148.92 high.
  • Desks are short covering, and investors are also likely positioning ahead of the awaited EU CPI tomorrow.
  • Peripherals remain wider this afternoon, Greece is still in the lead, by 8.4bps to 221.2bps.
  • Spain and Portugal trade close to flat against the German 10yr.
  • Gilt has also rallied, but still lag Europe, keeping the Gilt/Bund spread 6bps wider and widest since 10th June.
  • Looking ahead, all the attention turns to the EU CPI tomorrow.

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