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All the action is in Bonds

CROSS ASSET
  • All the action is in Government Bonds, with downside continuation in EGBs.
  • Already a massive 500k lots traded in Schatz, with another 6k sold.
  • Small support in Bund is seen at 135.16, and break below the latter opens to 134.61 38.2% retracement of the Mar 2 - 13 rally.
  • US Treasuries are getting dragged by Europe.

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