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USD pare some gains

CROSS ASSET
  • USD pare gains, as Equities recover from their lows.
  • Most of the early action is in Govies, albeit with very illiquid markets.
  • German 10yr Yield fell to its lowest level since the end of May, with a 1.073% low print, now at 1.090%.
  • Bund has been leading in Germany, pushing the BTP/Bund spread 7.7bps wider, to 217.5bps, still trading at widest levels since mid June.

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