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Some downside continuation

BUNDS
  • Not seeing a clear a catalyst for this pull back in Bund, looks to be led by the 30yr.
  • Desks also report very little in terms of trigger.
  • Initial support in Bund is at 148.45.
  • German 5s/30s remains steeper, albeit off the high.
  • The upside level in the curve is at 61.052, the May's high and highest level (Steepest), since March, now trading at 55.921 (59.064 is the high).

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