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Continued large volumes going through

BONDS
  • Next resistance in Bund is at 135.99, {us} and seeing continued large volumes going through to the US as well as large block in 5yr, TYH4 volumes jumps over 1 million contracts, another 200k in the past 10 minutes alone
  • The combination of the Data miss, the technical breakout below the 4% in US10yr Yield, has have been supporting factors.
  • And although Month End is on the lower side for the US, it is ok size for Europe and Huge for the UK, so Month End flow, as shorts get squeezed out, can't be ruled out, with some EU desks involved as they move into their later part of the session and ahead of the Fed.

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