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Bund and Tnotes at session lows

CROSS ASSET
  • Bund through session lows, 5k sold going into the Auction.
  • US TYM4 also sees further selling interest, sold in 3k.
  • Technical are unchanged, support in Bund is at 130.45, and main initial target will be at circa 107.11 in TYM4 (4.70% level).
  • No spillovers into the USDJPY, but the price action and how it develops will be closely watched by market participants, given intervention risk.
  • The 155.00 level has so far been well defended.

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