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Modest GoC Rally Ahead Of US Data

  • GoCs have unwound some of the move higher at open, with yields now between -0.3bps and -1.8bps from yesterday's close.
  • The smallest rally is seen in the belly, perhaps a sign of recent risk-on bolstering growth expectations after bearing the brunt of rising growth fears earlier in the week.
  • Similar performance to Tsys at the front-end, backed up by front rates also firming slightly in early trade, although there is starting to be a growing gap with Eurodollars seeing a larger rise on the day than BAX futures.
  • Growth and inflation implications from US PCE plus personal spending and incomes likely of note out of various US data releases lined up in 10 minutes.

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