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German 10yr Yield just short of the 2.23% level

BUNDS
  • German Factory order miss was just worth a 9 ticks move in Bund on the cash open.
  • Looking at the overnight price action in March, now front Month, with Eurex rolls running in the 80%-90% completion, the 10yr Futures has made an attempt at the 2.23% mark in Yield term.
  • This level equated to 135.10 Yesterday, and it printed a 135.05 high overnight.
  • This will will be the initial resistance area, while support moves up to 134.24, followed by 133.87 gap.
  • Today sees, UK Construction PMI, and US ADP.
  • SUPPLY: UK 10yr Gilt (equates to 21.7k) could weigh. Italian exchange Auction, shouldn't impact Bund.
  • SPEAKERS: BOE press conference on financial stability.

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