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- Periphery spreads started the day off with...>

EURO
EURO: - Periphery spreads started the day off with solid tightening but this
reversed steadily over the course of the day, with political noise in Italy
typically unfavourable. 10-year BTPs/Bunds spread dropped 0.6bps early, but has
since reversed, last 4.3bps wider overall on the day at 125.10bps and breaching
the recent previous high of 124.62bps set April 30. Italy slightly
underperforming Spain and Portugal today.
- EUR also ending the week under pressure, testing the medium term pivotal point
at 1.1910.

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