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Focus remains on the 5s/30s

  • Bund remains circa the mid traded range for the week (174.06/174.89), now at 174.43, not too surprising as desks awaits the US CPI on Friday, and all the Central Banks next week.
  • Medium, Longer term outlook is unchanged and tilted to the downside, but short term risk is driven by FTQ and Omicron news heading into year end.
  • Focus is still on the German 5s/30s, although a touch in the green on the cash open, the curve still trades at flattest levels since March 2020. Yesterday's low is at 48.783, but support is now seen at 46.010
  • Today sees no tier 1 data, and just a few ECB speakers, including Lagarde, Guindos, Schnabel.
  • SUPPLIES: German EU3bn Bund (Equates to 18.7k Bund). And US $36bn 10yr .

Chart source: Bloomberg

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