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UBS on CNB and CZK


(M2)‌‌ Corrective Cycle


EURCZK Consolidates Back Towards 100DMA

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BUNDS: German fixed income futures operate at/near session lows on the back of
the broader risk-on theme apparent during early Asia-Pacific trade, that came
about on the back of more upbeat rhetoric from U.S. President Trump re: China
relations and trade war matters, although Trump did tell RTRS that he would view
a rate hike at next week's FOMC decision as foolish.
- The futures space currently points to a modestly flatter open for the German
curve, with Bunds 23 ticks lower, Bobls unchanged and Schatz 1.0 tick higher on
the day. This comes after the German curve flattened Tuesday.
- Worth highlighting French, Irish and Italian bond markets struggled Tuesday on
the back of French President Macron's new spending promises following domestic
protests, Ireland's exposure to Brexit, and Italy's revitalised combative stance
against Brussels re: their budget plans.
- Regional focus remains on these broader matters, in addition to Thursday's ECB
MonPol decision, which will be followed on Friday by flash PMI data from the EZ
& a slew of ECB speakers.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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