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Further downside momentum since the cash Equity open.

BUNDS

With Bund trading through immediate support at 168.59

  • 10yr yields continue to edge to highest levels since May 2019.
  • Estoxx (VGM1) comes under pressure led by the Cash.
  • Next MNI tech support in Bund comes at 168.09 0.764 proj of the Jan 27 - Feb 25 - Mar 25 price swing
  • In yield terms 0% would equate (reference 168.62), to 167.19, will likely be seen as a top ahead of the June ECB.
  • German 5/30s eye next resistance at 97.428 and steepest level since July 2019


Chart source: Bloomberg

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