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A busy start to the European session

BUNDS
  • Dust has somewhat settled in the last hour or so in Govies.
  • Despite still trading in a 50 ticks range, Bund has seen an impressive start in terms of volumes today, suggesting that all type of Accounts from RM to FM have likely taken part, as counterparties find themselves.
  • The support noted at 134.87 has so far held was the lowest print in futures since 8th December, while the 10yr Yield printed its highest level since the 6th December.

Small resistance is still at the 135.23 area, and looking further out in Yield terms, reference 134.54:

  • 2.326% = 134.00 (38.2% retrace of Oct/Dec fall).
  • 2.459% = 133.07 (50% retrace).
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