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- SAGBs trade a fraction weaker at the open, following on from a broadly firmer session yesterday leading up to the FOMC minutes.
- Prior to the meeting, yields fell across the breadth of the curve with 10-30Y yields dipping -12.6-15.7bp and the 10Y outperforming after being the most vulnerable in recent weeks.
- Upbeat trade data out of China also added downside pressure to yields, but has been tempered by mixed CPI & PPI data out overnight.
- W/w the SAGB curve trades lower across the breadth with the 3m-1Y section -43-53bp lower while 10-30Y yields stand -5-7bp lower on week.
- 30Y yields face key support in the 10.60-10.70 zone (50-6.18% fibs), while the 10Y faces pivot support at 9.50-9.60.
SAGB Curve W/W