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Hovering at session lows

BONDS
  • Bund continues to drift lower, but no new catalyst after the contract traded around 132.90 for over an hour.
  • Volumes are still elevated but mostly in part due to the the spread, as investors look to conclude the roll ahead of Fed Powell.
  • Initial small support is still seen at 132.65.
  • US TYM4 is lagging somewhat, although it hovers at the session low, and initial support here moves to the 111.00 figure followed by 110.21.
  • Price action in Tnotes and Bund keeps the spread tighter, but well within the wide 170.59bps/192.11bps traded range for 2024, now right in the middle at ~180.00bps.

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