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MONTH END - Should have no impact


They are small for this Quarter and should have no impact in markets, unless we have very low volumes.

If we get a late bid in Govies, this will be more likely desks positioning ahead of the weekend, but no doubt that some wires will try to attribute moves to Month End.

Bloomberg Bonds:

  • EU Govies: +0.07yr (small).
  • US Tsys: +0.07yr (small).
  • UK Govies: -0.02yr (non event).

MS Bonds:

  • EU Govies: +0.08yr (average).

They see most extensions for Ireland, France, Germany.

  • US Tsys: +0.07yr (small/average).
  • UK Govies: +0.02yr (tiny).
  • Japan Govies: +0.02yr (tiny).

Citi FX:

  • Their model suggest moderate USD sales against all major G10s except the EUR.
Barx FX:
  • They see no strong USD directional bias.
Citi Equities:
  • Their asset rebalancing model points to buying of Global Equities and selling of Global Bonds.

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