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Reversing early state-CPI led gains

BUNDS
  • Bund futures have now reversed their earlier move higher on the North Rhine Westphalia state CPI.
  • Futures had earlier moved from 148.82 at the time of the release to hit a high of 149.22 (40 ticks higher) but over the past few minutes have fallen back to around 148.70 at the time of writing, around 10 ticks above yesterday's close but 50 ticks off the high of around an hour ago.
  • There is no obvious headline trigger for the reversal, other than more European/UK traders getting to their desks.

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