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Free AccessMove Off Intraday Highs, Peripherals Tighten
EGBs have drifted away from intraday highs, taking cues from Gilts in the wake of speculation surrounding today's UK budget.
- Bunds are -41 ticks at 132.88, but the first support remains some way off at 132.08 (March 4 low).
- The German and French cash curves have lightly bear steepened on the day.
- 10-year periphery spreads to Bunds have tightened, with European equities performing strongly. The 10-year BTP/Bund spread is -2.5bps at 136.5bps, just shy of yesterday's low.
- Today's Eurozone data releases were not market movers: January retail sales growth remained negative Y/Y, albeit less so than consensus expectations, while February construction PMIs from Germany and the wider Eurozone remained comfortably below 50 in spite of an improvement vs Jan.
- Today's regional calendar is light, but cross-market focus will be on the aforementioned UK budget (1230GMT/1330CET), US JOLTS/ADP data and the BoC decision.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.