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Focus turns to the ECB

  • Everyone on the sideline ahead of the ECB and the long weekend.
  • Overnight volumes in Bund stays well below averages, quoted 2 ticks wide, although better in US Treasuries.
  • The contract trades within this week's range, after falling 1,440 ticks since the 7th March, desk have squared, and receiving interest has kept yield off multi year highs, as investors park cash.
  • Main focus is on the ECB and presser.
  • Out of the US sees Retail sales and the prelim Michigan Sentiment and its inflation component.
  • US IJC is no longer a market mover.
  • There is no Supply, and speakers besides Lagarde, are Fed Williams, Mester and Harker, but unlikely to learn anything new from our US counterpart.

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