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Underpinned going into the weekend

BONDS
  • Tnotes moves back in the green since the US Data, Bund is also finding a bid, while the Gilt futures underperforms somewhat, keeping the Gilt/Bund wider today but within that 190bps/200bps range it has traded of late.
  • As mentioned, Bond extensions are small/average for the US and the EU, and a non event for the UK, with contractions seen in the latter.
  • Nonetheless, the low liquidity especially in Bund, could provide a bid going into 16.15BST, but pullbacks will more than likely be some short covering and squaring ahead of the weekend, if it happens.

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