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EGBS: Recoveries Remain Limited, Bunds Just Above Monday Low

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures back towards Monday lows.

  • Asia trade saw a modest recovery in Bunds after Tsys rallied into the NY close following strong demand at the latest 7-Year Tsy auction.
  • Bunds -8 at 133.65.
  • The bearish technical trend in the contract remains intact.
  • Monday’s low (133.61) presents initial support. A break would expose the 76.4% retracement of the Nov 6-Dec 2 bull cycle (133.22).
  • Bulls initially need to retake the 20-day EMA (134.89).
  • OAT futures point to slight widening vs. Bunds at the cash open.
  • French PM Bayrou’s pledge to cut deficits, echoing a policy that helped topple the previous government, a likely driver of any early widening.
  • Lower tier U.S. data (retail inventories and advanced goods trade balance) present the only releases of any note on the data schedule.
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Bund futures back towards Monday lows.

  • Asia trade saw a modest recovery in Bunds after Tsys rallied into the NY close following strong demand at the latest 7-Year Tsy auction.
  • Bunds -8 at 133.65.
  • The bearish technical trend in the contract remains intact.
  • Monday’s low (133.61) presents initial support. A break would expose the 76.4% retracement of the Nov 6-Dec 2 bull cycle (133.22).
  • Bulls initially need to retake the 20-day EMA (134.89).
  • OAT futures point to slight widening vs. Bunds at the cash open.
  • French PM Bayrou’s pledge to cut deficits, echoing a policy that helped topple the previous government, a likely driver of any early widening.
  • Lower tier U.S. data (retail inventories and advanced goods trade balance) present the only releases of any note on the data schedule.