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WTI slips lower


FX Reserves Decline To $3.188tr in March


EUR pare gains


10/15/50-year OATs


10Y Yield Approaching 6.56% Resistance

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A generally risk-on session - with UK equities and Sterling outperforming in their respective asset classes - saw Bunds and Gilts yields rise for a second consecutive day, with periphery spreads tightening slightly.

  • Our positioning indicator suggests longs were reduced yesterday across most EGB/Gilt contracts amid the sell-off, however to this point, only OATs hold structural shorts.
  • A quiet schedule lies ahead Wednesday, with ECB's Lagarde speaking, and Gilt linker and German 2050 Bund supply.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is up 1.8bps at -0.711%, 5-Yr is up 2.4bps at -0.698%, 10-Yr is up 2.4bps at -0.485%, and 30-Yr is up 2.6bps at -0.045%.
  • UK: The 2-Yr yield is up 1bps at 0.006%, 5-Yr is up 2bps at 0.045%, 10-Yr is up 2.9bps at 0.401%, and 30-Yr is up 2.9bps at 0.992%.
  • Italian BTP spread down 1.9bps at 124.7bps
  • Spanish bond spread down 2.4bps at 67.1bps
  • Portuguese PGB spread down 2.6bps at 63.4bps
  • Greek bond spread down 5.2bps at 132.7bps
MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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