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Some short cover ahead of the ECB

BONDS
  • It seems some Fast Money intraday short cover as the US comes in, likely Prop and Local desks given the lack of notable clips going through, keeps EGBs off their lows.
  • The 2yr Schatz saw last Friday's low of 105.78 holding so far in early trade, tested a 105.785 low.
  • There's still short of two hours for the ECB decision, and 2 hours before the awaited ECB's Lagarde presser.
  • Gist in the street is that most desks expect limited impact on markets, the presser will likely suggest that the next move will be a cut, will push back against market expectations of policy rate cuts in the near-term, and hints on potential timings will be the interesting part, Summer vs later in the Year?
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