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JPY

Liquidity Sapped By Local Holiday

AUD

AUD Edges Lower After Volatile Wednesday

JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE BONDS

U.S. Tsys Help Futures To Twist Flatten Overnight

US TSYS

Post-FOMC Twist Flattening

NZD

Heavy Start

GERMAN AUCTION PREVIEW
Germany will come to market on Tuesday to sell E6bn of the new 0% Mar-23 Schatz.
  • Demand at January's auctions has been relatively robust with Buba covers of 1.3-2.10x and offer-to-covers of 1.1-1.6x.
  • The German curve has steepened since the beginning of the year, largely back of the long-end drifting lower. The 2-year benchmark trades at a yield of -0.726%, marginally below opening levels for the year, and 21bp inside the comparable EUR swap.
  • The preliminary Q4 GDP estimate for the euro area is a potential flash point ahead of today's auction, but is unlikely to be market moving given that German Q4 GDP print has already been published.
  • Results will be published shortly after the auction closes at 1030 London.
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com