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Tested initial support

BUNDS
  • Bund tested immediate support seen at 130.25, printed a 130.23 low so far, some of the higher PMIs revisions have limited some of the upside, but mainly the German supply likely weighing, equates to 42.1k Bund, although the short end 2yr and 5yr futures have been leading the small push lower in early trade.
  • Further downside traction in Bunds, opens to 2.650% which is much higher today, up to 130.14.
  • Also today, the 2.706% 2024 high in 10yr Yield would equate to 129.57.

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