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Holding Lower In Wake Of NRW CPI

US TSYS

Tsys take their cues from Bund futures, with the pre-NRW CPI cheapening extending as the data points to upside risks for the German national CPI number (relative to consensus expectations). The space consolidates off session cheaps, with a fair chunk of the move taking place pre-data release. That leaves Cash Tsys 2.5-4.0bp cheaper as the curve bear flattens, while TYU3 is -0-08, 0-01+ off the base of its 0-10 range.

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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