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MNI

Test, Please Ignore

EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

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  • Local & USD rates trade marginally firmer at the open, having traded mixed in yesterday's session.
  • Local bonds gained bull flattening traction somewhat against the grain in EM in what was likely a delayed reaction to the Biden-Putin meeting – moving -3-5bp lower in 7-15Y tenors.
  • By contrast, USD bonds mirrored weaker EM FI sentiment, selling off +2.8-4.3bp across the curve with losses concentrated in the 5Y tenor.
  • W/w the local curve trades bear flatter with 3m-3y tenors +17-20bp higher.
  • USD bonds also trade higher across the breadth but more notably in 5Y & 8Y yields (+4-6bp)