Bunds hit day's high as investors cover positions post auction
LONDON Aug 14 (Reuters) - German Bund futures hit session highs on Wednesday as traders covered short positions after an auction of German debt was out of the way.
Germany sold 3.231 billion euros of 10-year government bonds at a top-up auction, attracting less demand than at a similar sale in July and below this year's average.
German Bund futures hit session highs of 141.04, up 18 ticks on the day. It saw its biggest daily fall since March in the previous trading session.
"Some players probably shorted ahead of the auction, anticipating that the auction would be a bit weak given the price action yesterday and given that it's an illiquid holiday period," one trader said, adding that investors were unwinding those positions.