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Tnotes/Bund spread tests the 2024 high

BONDS
MarketsStoryFixed Income Bullets
  • The German Bund is unchanged post the US Data, notable flow is in the shorter End Euribor, Front ERH5 is sold in over 5.2k, with similar offers appearing on the strip.
  • The Immediate support in Bund at the 134.41 area, Gap and the Yield level retracement of 2.263% has again held today.
  • Worth keeping an eye on the Tnotes/Bund spread, which is now looking at clearing the 2024 high, printed in April at 218.1bps, widest level since November 2019, ahead of the Psychological 220.00bps hurdle.
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  • The German Bund is unchanged post the US Data, notable flow is in the shorter End Euribor, Front ERH5 is sold in over 5.2k, with similar offers appearing on the strip.
  • The Immediate support in Bund at the 134.41 area, Gap and the Yield level retracement of 2.263% has again held today.
  • Worth keeping an eye on the Tnotes/Bund spread, which is now looking at clearing the 2024 high, printed in April at 218.1bps, widest level since November 2019, ahead of the Psychological 220.00bps hurdle.