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Yields collapse post US GDP miss

BONDS
  • The miss in US GDP has been the core driver of Govies, pushing Yield to their lowest levels since April.
  • Bund has rallied, and trades in a large 310 ticks range.
  • Peripheral spreads are all tighter, besides Greece that trades 3.2bps wider at the time of typing.
  • Gilt has followed suit, but lags Europe, in turn pushing the Gilt/Bund spread at the April peak.
  • Gilt/Bund tested 106.10bps which is also the shorter term 50% retrace of the March/May tightening.
  • This level has held, and the spread is now at 105.5bps.
  • Looking ahead, attention turns to tomorrow, with a packed session for data and we also get Month End.
  • Tomorrow includes, French prelim CPI and GDP, Spanish prelim CPI and GDP, Italian prelim CPI and GDP, German prelim GDP, EC prelim CPI and Advance GDP.
  • Out of the US, PCE core deflator (june), MNI Chicago PMI (July), Michigan will be final reading.
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