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***Data on the EUR FX non-commercial..........>

BUNDS
BUNDS: ***Data on the EUR FX non-commercial positions from Friday, showed that
net EUR longs increased to their highest levels in six years.
- If this heavy positioning does indeed presage a period of EUR weakness as the
longs exit then, theoretically, European yields should increase.
- Having said all that, the correlation between the EUR and the Bund yield is
very close to zero.

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