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Focus on PMIs this morning


Bund stays in a tight range (170.84-171.08) on the cash open.

  • Curve is flat, albeit leaning steeper, but well within the 86.13-90.657 April ranges.
  • Medium, longer term outlook still favour steepeners.
  • Focus today, turns to EU National prelim Manufacturing/Service PMIs
  • Mr Draghi is also set to reveal a draft of his recovery plan (EU220bn) to his cabinet sometime today
  • Lagarde and Yellen are on a Bloomberg climate panel

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