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BUNDS
  • A Quieter session for Bund as we head into the Christmas festivities, contract trades in a 29 ticks range, with more muted volumes on both sides of the Pond, just 76.6k lots for Tnotes.
  • The contract trends in the red, but is still overall closer to the 2023 low in Yield terms, failed at 138.20 in futures Yesterday vs a 138.40 Yield level.
  • Resistance remains at the 138.40 area, while support is seen at 137.49 initially.
  • Some early front running Month End play cannot be ruled out today, given that next week will likely be even more subdued.
  • Month End is expected to be decent/large for the US, but Small for Europe and a non event for the UK.
  • Today sees, Spain final GDP, US prelim durable goods, PCE core deflator, final Michigan.

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