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Fading last Friday's rally

BUNDS
  • Govies are unwinding some of last Friday's safer haven bid triggered ahead of the weekend on Geopolitical risks, with US Treasuries also weighing on Bund overnight and into the EU Cash, with the US 10yr Yield back above 4.55% ahead of the next target of 4.60%, managed a 4.5886% high last Thursday.
  • For Bund, some of the pullbacks lower have been more gradual as Investors still look for the ECB to be the first to cut its Rates.
  • Small support in Bund moves up to 131.87, followed by 131.23 (2024 low), although in Yield terms, the 2024 high is closer to 131.05.
  • Today sees, EU IP, unlikely to be a market mover, and out of the US, sees Retail Sales.
  • SPEAKERS: ECB Simkus, Lane, de Cos, BoE Breeden, Fed Williams.

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