EURO GOVT-Bunds hit day's high on increased rate cut bets

LONDON, April 22 Mon Apr 22, 2013 9:25am EDT

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LONDON, April 22 (Reuters) - German Bund futures extended gains to hit the day's highs on Monday on increasing bets euro zone data this week would support a European Central Bank interest rate cut.

"Overall the market seems to be so bullish that whenever we see these dips...if Bunds are trading slightly lower it never really lasts for a long time," a trader said.

Bund futures were last 30 ticks up at 146.32, having reversed from the day's low of 145.72 hit as peripheral bonds rallied after Italy re-elected Giorgio Napolitano as president, raising the prospect of an end to a two-month political impasse.

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