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Germany is catching up with Italy

BONDS
  • BTP/Bund spread unwinds some of it tightening bias, after BTP futures outperformed in early trade, but Bund has been catching up.
  • The Spread is still a 1.1bp tighter but has pushed off the 170.00bps level support.
  • The August high is still mostly intact for BTP, and a clear break through today's high, opens to 4.081% = 116.29.
  • In terms of resistance for Bund, most are looking at the 132.76/132.78 area, while most IR and Swap desks will be keeping an eye at 2.400% = 132.90.
  • Latest flow, sees ERZ3 bought in 5k and Bobl 4.8k.

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