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Selling Pressure On OFZs Subsides Slightly, Weekly CPI In Focus

RUSSIA
  • OFZs kick off slightly weaker this morning with yields +1-2bp higher in early trading.
  • Yesterday’s session saw selling pressure resume, albeit at a more moderate pace with yields rising +2-6bp on the day with a bear steepening bias holding.
  • 10Y yields continue to drift higher towards 10.00 as geopolitical risks keep risk flows on the backfoot.
  • PPI data & weekly CPI will be watched closely for signs of moderation in inflation, although passthrough via the FX channel is likely to have picked up significantly due to RUB weakness and may impact future readings.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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