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German 2yr Yield tested 2024 high

BUNDS
  • Bund dropped 18 ticks post the US Retail sales beat, made another attempt at the initial support of 134.37, which has again held, printed a 134.34 low.
  • Further downside momentum will open to 2.326% = 134.00 (38.2% retrace of Oct/Dec fall), but seeing demand off the lows here in EGBs with another decent jump in volumes for Europe.
  • German 2yr Schatz briefly tested the 2024 low in futures, with Yield printing a 2.681% high, albeit off that best level.

In Yield terms, for the German 2yr, reference 105.965:

  • 2.740% = 105.815.

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