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Holding Cheaper With Peripherals Wider Into German CPI

EGBS

The aforementioned movement in ECB-dated OIS has helped the Bund space off of session cheaps, leaving the major cash benchmarks running 2.0-3.5bp cheaper as the curve bear flattens. Similar moves have been seen across the remainder of the core/semi-core EGB space, while 10-Year peripherals have widened a little vs. Bunds, even with ECB-dated OIS off session highs as inflation dynamics keeps outright yields biased higher on the day. German CPI data will cross at the top of the hour (already released regional data points to upside risks to the release).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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