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Some divergence in the curves

  • Early flows are seeing the German 5s/30s, moving flatter, despite the long end being under pressure.
  • The shorter end leads the lower move.
  • Some early divergence in the curves, with 2/10s leaning back bear steeper, after an early low print, tested lowest (flattest) level since 31st August.
  • 5s/30s is bear flatter, and lowest in over a Month, since 29th October.
  • The printed low on that date is at 49.644, which was also the flattest level since 23/03/20

Chart source: Bloomberg

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