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Leaning bear steeper on the cash open

BUNDS

A slow start for Bund with below averages volumes since the cash open.

  • Risk on tone, following Fed clearing some Banks that passed the stress test to resume dividend increase and stock buy backs at the end of June, is keeping a lid on the contract.
  • 5/30s curve is in turn bear steeper, but we are well within yesterday's ranges.
  • On the margin, better selling is noted in Treasuries with 5k just sold (cumulative volume)
  • On the data front for Europe, sees Swedish Retail sales, German IFO, Italian Cons Conf, but likely more focus on US prelim Wholesale Inventories and PCE. this afternoon.
  • Focus remains squarely on Risk events and vaccination pace for Europe.
  • SPEAKERS: ECB Rehn, and BoE Saunders, Tenreyro
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