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Risk off since the EU cash open

CROSS ASSET
  • A few questions on the latest market price action, with Bund falling 24 ticks in the past 23mins, and Estoxx (VGM1) gaining 15 points at the same time.
  • Some suggested possible re=allocation, but cross assets have now resumed, with Bund and VGM1 both moving lower.
  • Initial support in Bund is seen further out at Friday's low 168.59.
  • No spillovers into USD, but further Risk off, may provide some buying interest.

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