Bonds took another tentative step towards taper as Putin becomes peace envoy for the world (temporarily). Bunds opened weaker than anticipated yesterday and never even came close to looking at the opening gap. I think we may consider testing Friday mornings low but we're probably at an area for range bound trading til FOMC next week.
There is plenty of upside room if Syria idea goes pear shaped...But as I believe it we could have 45 days before that will happen.
Bund appears to be weaker than its U.S. equivilant just now. Taperlite being positioned for possibly.
Eurex bond curves appear to have reached highs and may look for a pause before continuing higher....I'm looking for retracements to buy dips. Only selling to go short in the event of quick stop catch trading.
€ teds, as expected bobl ted showed strength as Syria situation improves.
New bund auction to watch out for this morning along with ger CPI.
Good luck
L
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