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Limited impact from US data on cross assets

CROSS ASSET
  • Very limited impact across assets following the US ADP beat, most notable move was in Gold, but now edging back towards pre data levels, as most investors await the Fed and the ECB tomorrow.
  • Most of the notable flow, volumes, has actually been in Europe with BTP sold in 1k, Bobl 5k, Schatz 10k, Bund 5k and Gilt 1k.
  • Nothing of real significance in Treasuries.
  • In FX USDJPY jumped 46 pips, but the bounce lacks conviction.

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