European yields are rising again as investor resume their focus on central bank monetary policy. Cautious ECB comments over may have given bond markets a helping hand yesterday, but the correction in yields was always likely to be not more than a temporary setback in the general uptrend, as central banks head for exit steps, even if the ECB is likely to keep policy and forward guidance unchanged at the July 20 meeting. Stronger than expected U.K. retail sales and Italian production numbers will only add to the arguments of the hawks at both ECB and BoE. Despite the backup in yields the currency markets remain subdued.
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