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Trying to consolidate below 131.12

  • Bund futures took another downleg on the release of the UK labour market data at 7:00BST / 8:00CET and hit an intraday low of 130.87. We have since gravitated back to just below 131.00 at the time of writing.
  • Our technical analyst noted earlier that there was focus on the August 4 low of 131.12 with a clear break below opening up bearish conditions and a potential move to the July 10 low of 130.60.
  • Looking ahead we have a Schatz auction later today as well as the release of the ZEW survey.

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