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US and Germany

BONDS
  • Bund tech resistance at 172.95 76.4% retracement of the Aug - Nov sell-off, has so far held (printed 172.91 high).
  • The latest bid has been helped by further short covering.
  • US longer end 30yr also lead, as the 5s/30s continues to flatten.
  • WNH2 next resistance is seen at 203.26-Jul 20th high on the cont. Chart.
  • For Bund a clear break above the resistance, will open to the next yield support at -0.414%.
  • Reference 172.87, this would equate today to 173.32

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