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FI round trip

BONDS
  • Core fixed income has been on a roundtrip today, moving higher on the European cash / gilt opens but pretty much reversing course more recently to only be a little higher on the day.
  • There have not really been any substantial headline drivers behind the moves - the most notable data releases this morning have been German PPI and French confidence data - both of which were on the soft side - particularly German PPI.
  • Looking ahead we will receive the Account of the ECB's March monpol meeting as well as US weekly claims data, the Philadelphia Fed index and US existing home sales.
  • In terms of speakers we have BOE's Tenreyro, ECB's Visco, Holzmann and Schnabel and the Fed's Waller, Mester, Bowman, Logan and Bostic all due.
  • TY1 futures are up 0-7 today at 114-13 with 10y UST yields down -1.7bp at 3.576% and 2y yields down -2.6bp at 4.220%.
  • Bund futures are up 0.07 today at 133.50 with 10y Bund yields down -1.8bp at 2.495% and Schatz yields down -1.0bp at 2.947%.
  • Gilt futures are up 0.04 today at 100.00 with 10y yields down -0.9bp at 3.844% and 2y yields down -0.5bp at 3.807%.

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