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NRW CPI data looks soft - Bund futures move higher

  • The national print (non-HICP) is expected to rise +0.2%M/M and that's a -0.2%M/M fall - so a soft print here.
  • Bund futures had already rallied a few mins ahead of the release from around 135.60 five mins ahead of the release to be above 136.00 at the time of writing.
  • NRW is the largest state (21.1% of the national print).

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