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Govies bounce off session lows

BONDS
  • US saw a 2 tenth beat for Factory orders, but with a 1 tenth lower revision.
  • Final durable data came in inline.
  • Bund extended lower through new lows, keeping the lid on Treasuries, but Govies have lacked traction, and trade off their lows.
  • Looking at German 10yr yield, we tested a 2.773% last week, highest since August 2011.

Reference 130.67:

  • 2.773% = 130.23.
  • 2.800% = 129.93.

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