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Bund tests initial resistance

BONDS
  • Bund has broken this week's top range, above 133.28, Monday high, and now test the initial resistance noted at 133.37, so far printed a 133.37.
  • A clear break through that level will open to 2.234% = 134.00 (the March low in Yield term).
  • Some might want to try to attribute some of the moves on front loading Month End, but have not seen any notable size clips, more likely to see some of these flow into tomorrow.
  • Recall that Bond extensions are decent for Europe, Huge for the UK, but only small for the US.

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