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Bid Extends On Soft German Services PMI

US TSYS

Tsys lean on the bid in Bunds in the wake of the much softer than expected German services PMI (which followed a softer than expected French equivalent).

  • That drags TY futures further away from key support to last trade +0-11+, as the rally extends through yesterday’s highs. Initial resistance is seen at the Aug 18 high (109-28+).
  • Cash Tsys run 3-6bp richer on the day, with bull flattening remaining evident.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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