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EGBs have faded from their best levels this morning, helped by decent beats across Regional German CPIs versus last and Unemployment data.
- The Bund resistance at 176.62/176.67, has so far held.
- Peripheral spread sees Italy, Portugal and Spain wider, while Greece trade 1.3bp tighter against the German 10yr.
- Gilts are underperforming Bund this morning, translating to a 0.5bp wider spread, which is not that impressive.
- Although it is still worth noting that the UK/Bund spread is now at widest levels since the beginning of May.
- US Treasuries saw some downside continuation from the Asian session spilling over into the European session
- Tnotes are now trading back into the Fed meeting ranges, with the contract flat on the day.
- Looking ahead, US IJC, GDP and Core PCE., and US 7yr note.
- Earnings, include Comcast, Merck, Mastercard and Amazon