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German 5/30s push towards August low and lowest since February

  • A tight cash open for Bund, trading circa 12k lots in the first 40 minutes of trading.
  • Most desk sits on the sideline ahead of the US CPI tomorrow.
  • Nonetheless, the 5s/30s curve is once again leaning flatter, and and trading near the August low at 70.231, now at 70.465.
  • The August low is also the lowest (flattest) level since the 9th February.
  • No real standout data for today. Out of Europe, sees the German ZEW, but it has been a while since it has been a market mover.
  • SUPPLIES: UK £2.75bn 2031 (Equate to 25k Gilts), and US $58bn 3yr note.
  • Speakers: Feb Mester (non voter, Leaning Hawk) speaks on inflation

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