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Path Of Least Resistance Remains Down


FVU2 112.50 Calls Lifted


Fresh Trend Low


Speakers and US Michigan in focus


(Q2) Hammer Reversal?

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  • Local & USD rates unch so far this morning, but likely to come under early selling pressure following dovish comments from Erdogan overnight.
  • Locals will likely be the source of most selling pressure, maintaining bearish momentum from yesterday's session.
  • Local curve bear flattened +10bp from the 2Y yesterday, while the USD curve racked up some modest gains across the breadth, focused mostly in 3-5Y yields (-5.3-2.4bp).
  • 5Y CDS also likely to see upside pressure at the open: Resistance seen at 420, 446.434 & 484.850.

  • Turkey 5Y CDS

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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