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Some upside continuation

BONDS
  • Some upside continuation for Bund and Estoxx, nothing fast, but some notable clips goes through to the buy side, VGH4 in 5k and Bund 5k.
  • The UK data miss and the outperformance in Gilt futures is likely helping, but short cover and locking profit could also be at play, following the big sell off Yesterday on the back of the US CPI.
  • As noted on the open, resistance in Bund moves down to 133.75 initially.
  • For Gilt the contract has already consolidated the whole of the US CPI move, and resistance will be at 97.95 High Feb 13.

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