In Credit - Credit enjoying the summer lull

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Core government bond yields were marginally higher with the rise in risk sentiment. Non-farm payroll in the US hit a three-month streak of positive gains, with jobs rising and unemployment falling more than expected (rate now 10.2% vs 10.6% expected). The eurozone economy continued to show signs of healing as the composite PMI rose to 54.9 for July (previous 48.4, expected 54.8). In the UK, the MPC unanimously decided to keep rates at 0.10% as well as the Asset Purchase Facility at £745 billion, both in line with expectations. It still expects the economy to rebound back to the 2% target in two years’ time.

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