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No obvious reason for this morning's FI rally

BONDS
  • In terms of drivers for this morning's rally there doesn't really appear to be any clear and obvious headline drivers here.
  • On Friday talk was that market participants were taking risk off the table ahead of the weekend and ahead of this week's data. And overnight the main rationale seems to have been a continuation of Friday's rally alongside the setting of China's GDP target ("around 5%") at the less optimistic end of the spectrum.
  • We also had some marginally dovish comments from ECB's Centeno this morning, but they don't seem significant to trigger the rally.

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