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State CPI Data Out Of Germany Lends Fresh Support

US TSYS

Cash Tsys richen to fresh session bests as the NRW regional CPI print out of Germany (covering the most populous region in the country) sees 0.2% M/M dip alongside a slowing in the headline Y/Y reading to +5.7% from +6.7% in April. The national reading is expected to print at +0.2% M/M & +6.5% Y/Y (per the BBG survey), meaning that this state CPI represents a softer than expected print. Cash Tsys run 2.5-3.5bp firmer, with the front end leading the bid as the curve bull steepens a little, while TYM3 sits just off the top of its 0-11+ range.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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