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Futures Continue To Respect Initial Technical Resistance

BUNDS

Bund futures continue to respect initial technical resistance, even as BTPs richen further.

  • As we have noted, Bund futures maintain a firmer technical tone - for now - and bulls eye the nearby November 3 high (130.76), which lies just beyond today’s best levels. A meaningful break there would expose 131.33, the 76.4% retracement of the Sep 1-Oct 4 down leg.
  • Cash yields are little changed to 5bp lower as the curve flattens. 2s10s pulls further away from the multi-month high lodged in recent weeks to last trade at -37bp, while 5s30s pulls further away from recent ’23 steeps to last print at +27bp.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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