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Drifts lower on the cash open

BUNDS
  • Bund test session low on the cash open, following Equities lower with Estoxx (VGH2) breaking through the February low.
  • Russia/Ukraine tensions are back at the forefront, after U.S. Security Advisor Jake Sullivan, warn on Friday that Russia will ignite conflict, adding that we are entering a potential decisive week.
  • EU Gas price are up 12%, while Equities are drifting lower.
  • Downside for Bund could be limited very short term this week.
  • There is no tier 1 data for today and all the focus will be on ECB Lagarde and Fed Bullard.

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