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April Gains Evaporate; Support Eyed

BUNDS

Bunds have been weakening since about 1400BST though we haven't really seen a particular catalyst. The move started alongside upside in stocks/oil and downside in gold so appears risk-on in nature. (Treasuries following suit as well.)

  • This afternoon's move has wiped out April's gains, with RXM1 trading at 170.85 (170.82 session low).
  • Looking at technicals, front Bunds have gone through first support at 170.98 (Apr 13 low); next up are 170.71/52 Low Mar 30 / Low Mar 18 and key support.

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