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Solid on the Open but Looking for Lower

BUNDS
  • Bund futures have moved to their highs of the day after a very unvolatile Asian session and have moved above yesterday's highs too.
  • There are no headline drivers for the move.
  • To the topside resistance is seen at 176.60/62 - the August 13 high / the 20-dma.
  • Our technical analyst notes that this bounce from Friday's low is still considered a correction and that last week's sell-off breaking the 23.6% retracement of the March to August rally at 175.53 reinforced the overall bearish conditions.

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