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Under early pressure

BUNDS
  • Despite the tight overnight range for the German 10yr Bund, the contract stays under pressure, initially weighted throughout yesterday's by unswapped Corp issuances, and finally led lower by US treasuries following the Bank of Canada surprised hike.
  • The contract drops another 17 ticks on the cash open, cash led.
  • Immediate support is at 133.00, followed by by 132.74.
  • Resistance moves down to 133.82.
  • Another quieter day on the data front, EU GDP will be final reading, {us} and for the US, US Wholesale Inventories will also be final reading.
  • SUPPLY: Ireland combined EU1.25bn 2033/2050, should have no impact on Bund.

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