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Timeline of key events (Times BST)

EURGBP TECHS

Consolidating At Recent Lows

EUROZONE

Timeline of key events (Times BST)

SNAPSHOT

Risk Off Returns

GBPUSD TECHS

Approaching Key Resistance

US TSYS

Supported By Downtick In E-Minis

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Plenty of commentary out there today re: the second largest round of monthly JGB purchases by foreigners on record during June, totalling a net ~Y4.06tn (per JSDA data). This shouldn't come as any surprise, with the data pointing to most of the demand coming in the 2- to 5-Year zone of the curve. We had previously flagged that foreigners were likely driving the bid in the space at this time, using x-ccy basis swaps to extract positive yields from the space, despite the outright negative yields in play in that zone of the curve.