- Significant previous high at 3.34% being taken out now. Bunds are now bearish on all of my 3 time frames.
- This is good for my long UST 10 years/short Bunds spread (but the spread is still at my entry level at +13). Need the US 10 yrs to remain range-bound though. No use for me if it too breaks on upside (yield wise). Guess US10YY has to hold 3.57% for spread to have any hope of paying off.
- Just grit my teeth and sold some outright Jun11 Bunds at 121.25 (after close).
- Plenty more comments from ECB officials mostly affirming expectations of rate rise next week.
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ECB's Bini Smaghi : "maintaining interest rates where they are now would mean basically becoming more and more expansionary, which is not appropriate."
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