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Selling emerging, US/German spread widens

BONDS
  • Clip sellers going through all cumulative volumes, USA in 3k, TYZ3 in 3k, FVZ3 in 2.6k
  • Similar flows in Europe, BTP in 2k, Gilt 1.5k, OAT 1k.
  • Support in TYZ3 moves up to 107.15+, followed by 107.07.
  • The move in Treasuries has pushed the Tnotes/Bund spread through the September and the 2023 high that was at 176.45bps.
  • The spread is now trading at 176.4bps, the widest level since November.

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