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World awaits the US NFP release

BONDS
  • A slow start for EGBs and Bund and across assets, which is not too surprising, with the majority of investors sitting on the sideline, ahead of the awaited US NFP.
  • Bund closed the small opening gap up to 158.18, printed 158.21 high, and this was followed by a dip lower, down to 157.67.
  • Bund is back to flat at the time of typing.
  • Peripheral spreads lean tighter against the German 10yr, Greece leads by 1.8bps.
  • German, French and Spanish IPs beat expectations, but limited impact on Govies.
  • Gilt/Bund spread continues to widen, after it broke through the April high yesterday, that was 106.10.
  • Next psychological level is at 110.00bps, but better is seen towards 112.00bps.
  • The spread is now widest since 25th March.
  • US Treasuries are trading small in the red in early European trade.
  • The 5/30s curve, leans flatter, but well within yesterday's range.
  • Looking ahead, ALL EYES on NFP, range is 50k to 325k.
  • Median is 250k, whisper is 226k.
  • The 10 top ranked Bloomberg Economists surveyed, have a range of 180k to 280k.
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