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Bonds Extend Late Overnight Lows

US TSY FUTURES
Whether Tsy following Bunds or vice-versa as long end rates extending late overnight lows the last few minutes. No obvious headline trigger or block/cross for move. Sympathy move more likely tied to cross-mkt hedging as rates back to pricing in more than just 100bp in hikes for 2022.
  • 10Y Technicals: TYH2 127-24.5 low, drawing some buying as currently trading 127-26 (-4.5) well above127-02 low from Jan 19.
  • Bearish theme remains intact - follows break on Jan 18 of support at 127-30, Jan 10 low. The move lower maintains the price sequence of lower lows and lower highs and note that moving average studies remain in a bear mode. 127-02, Jan 19 low, is the trigger for a resumption of the downtrend.
  • Overnight trade: Total 15,650 TUH blocked from 108-08.25 to -08.5, Desks reported two-way from spec and fast$ accts in intermediates, Asia real$ buying long end helping keep futures to narrow range. Curve flatteners, steepener unwinds in shorts to intermediates.
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