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Holding Cheaper After Tepid Demand At Auction

BUNDS

Bund futures find a bit of a base, at least for now, after a fairly shallow foray below the early morning low in the contract, which was aided by lacklustre demand at the latest 10-Year auction, leaving the contract -45 or so, ~5 ticks off session lows. The move lower also saw the contract show below yesterday’s worst levels, although the previously outlined support zone (133.00/132.97) holds greater technical significance. Cash trade sees the major benchmarks showing 3.5-4.5bp cheaper on the day at print, with the front end of the curve leading the weakness.

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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