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EURIBOR OPTIONS

Put spread bought again

FOREX

GBP Edges Off Early Gains

BONDS

Attention turns to the ECB

GERMANY

Merkel Hosts Final Summer Presser

NatWest analysts led by John.......>

US TSYS/RESEARCH
US TSYS/RESEARCH: NatWest analysts led by John Briggs are "neutral" on the
Treasuries direction. They like the steeper curve trade and "prefer 5/10Y"
Treasuries steepener, "targeting 5s/10s targeting 35 bps" vs current +18.90 bps,
or 5/30Y targeting +75 bps, vs. +52.70 bps currently.
- They urge to go long "5s on the curve, as the belly looks cheap in our view."