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Bonds Nearing Early Overnight Highs

Yield curves still steeper on heavy buying in 2s-10s while 30Y Bonds near early Sunday evening highs. Current 30YY down to 2.1759 -0.0979 vs. 2.1731% low.
  • Trading desks report preop, fast- and real$ buying 5s, continued foreign and domestic real$ and bank portfolio buying in 10s-30s.
  • Technicals: Jun 10Y first resistance holding 127-12.5 at the moment -- recent gains still signal scope for an extension of the current corrective cycle and attention is on the 50-day EMA at 127-29+ (cont).
    • Moving average studies still highlight a broader bearish trend condition and the 50-day EMA is seen as an important area of resistance.
    • On the flipside: support to watch is at 125-14+, Feb 10 low and bear trigger.

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