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Buxl recovers from the lows

BUNDS
  • Buxl is recovering from its earlier low after leading to the upside on the EU Govie open, the contract fell over 100 ticks, but is now back to flat on the day, which will lean the curve back flatter.
  • UK Data beat had little impact on EGBs, but was worth a 35 ticks drop for Gilt, but bouncing off now.
  • Focus Yesterday was the German 30yr, and the 2.70% level support, managed a 2.709% low Yesterday.

Today reference 128.62:

  • 2.700% = 129.87.
  • 2.651% = 131.18 (50% retrace of March/Oct gain).

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