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Fading the bounce off their respective lows

CROSS ASSET
  • Bund, EGBs and Treasuries seems to be settling after seeing some safer haven buying flows, but similar price action as in Yesterday as NYCB swings widely pre and post Cash US open.
  • Corporate deals also pricing has once again favoured some intraday short cover, as futures made more attempts at breaking lows so far this week, but failed ahead of next key Yields resistance.
  • There's been a clear pick up in cumulative volumes on the bounce, mostly seen 10k cumulative clips in TYA and FVA, and 5k in the German Bond strip (Bund, Bobl, Schatz).
  • Bund now fades the bounce, as the dust seems to be settling in the NYCB stocks, albeit still closer to it traded low, down circa 7%.

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