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A very active session in Bonds ahead of the CPI.

BONDS
  • French OAT has found resistance at the initial mentioned Yield level of 2.820%, was the 12th April low and equated to 127.96 today.
  • The contract has printed a 127.99 high and a 2.815% low in Yield.
  • The next downside target in the French Yield is at 2.773% = 128.42 (61.8% retrace of Dec/Jul range).
  • Regardless of the US CPI day, EGBs and Gilt are seeing very good elevated volumes in early trades, clearly all type of Accounts are involved with counterparties finding themselves.
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  • French OAT has found resistance at the initial mentioned Yield level of 2.820%, was the 12th April low and equated to 127.96 today.
  • The contract has printed a 127.99 high and a 2.815% low in Yield.
  • The next downside target in the French Yield is at 2.773% = 128.42 (61.8% retrace of Dec/Jul range).
  • Regardless of the US CPI day, EGBs and Gilt are seeing very good elevated volumes in early trades, clearly all type of Accounts are involved with counterparties finding themselves.