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Focus turns to the FOMC minutes

BUNDS

A steady open for bund since the cash open, with limited flow, given the US out for their Independence day.

  • Focus this week will be on the US FOMC minutes.
  • Today sees, European services PMIs, although some final readings for France, Germany, EU and the UK.
  • German 5/30s curve lean flatter, despite the longer end being offered.
  • The curve has been in a 89.624-86.680 range for the past 8 days, and we trade towards the lower end at 87.066.
  • ECB de Guindos is the only speaker for the session.
  • On a side note, OPEC standoff continues, which could have an impact on FX, and Equities, and in turn potentially on Bond markets.
  • Discussions resumes today..
  • Recall last Friday, in case of no deal, then no output hike for August.
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