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Some steepening seen post-Spain CPI

BUNDS
  • There has been a slight steepening in the German curve with shorter-dated yields seeing the biggest moves from this morning's soft Spain HICP (and core CPI) data.
  • 2s5s has not really moved but 5s10s has steepened by just over 1bp (albeit at the moment sticking to yesterday's range).
  • The biggest move has actually been in 10s30s which have moved 1.7bp steeper to 14.5bp at the time of writing. This is up from yesterday's intraday low of 11.4bp.

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