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Gilts Bull Flatten With Brexit Deal Eyed

BOND SUMMARY

A predictably quiet session with limited hours for Christmas Eve and desks very much thinned for the holidays. Brexit still carries intrigue, with a deal expected to be announced at some point in the European morning (despite apparent delays on final details).

  • Gilts opened weaker but have since strengthened, with the curve bull flattening - cooling off from significant exuberance Weds when it became clear a deal was nearing.
  • Eurex closed, Bund / BTP cash not trading.
  • TY1 trading within 2.5 tick range on anemic volumes. Interest in the shortened US session on House Democrats' attempt to pass change to checks to individuals to $2k via unanimous consent today, which could be derailed by a single 'no' vote.

Latest levels:

  • Mar Gilt futures (G) up 36 ticks at 134.6 (L: 134.01 / H: 134.67)
  • Mar US 10-Yr futures (TY) up 1.5/32 at 137-26 (L: 137-23.5 / H: 137-26)
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