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Bonds extend losses

CROSS ASSET
Few question on the continued sell off in Govies. This was throughout the early European session and picking momentum since the Cash US open.
  • Vaccine roll outs, potential for some US aid discussed today.
  • Some rebalancing as we head into December, post Month end has helped.
  • Short term longs are bailing out as we drift through new lows of the session.
  • Medium term outlook is seen as more positives by investors.
  • MNI tech:
  • Bund support comes at 174.45 Low Nov 16
  • TYH1 immediate support is here at 137-18 Low Nov 17. Below the latter sees 137-14+ Low Nov 16
  • In FX: EURUSD extends, on the USD weakness.
  • DXY test low of the session and also helped by the higher yield.
  • Next decent target comes at 1.2030 3% Upper Bollinger Band

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