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Sees further downside momentum

BONDS
  • Still no clear obvious driver on the push lower in Govies, which look targeted to the longer end, as Rates, Euribor, Eurodollar, and SONIAs holds at current levels.
  • Cash USTs: Trading cheaper and belly underperforming.
  • Yields: 2y +9.9bp , 5y +14.1bp , 10y +12.8bp , 30y +8.3bp.
  • Curve 2/10s: steeper (+3.3bp); 10/30s: flatter (-4.5bp)
  • TYZ2 lifted in over 10k cumulative off the lows.

For Bund, further downside traction, opens to the main support seen at 1.97% (2014 peak), followed by 2.087% (2013 peak).

  • 1.970% =140.27
  • 2.087% - 138.88

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