January 11, 2013 / 10:16 AM / 5 years ago

EURO GOVT-Bunds pare losses as investors reposition post-ECB

LONDON, Jan 11 (Reuters) - Bund futures pared losses on Friday, with traders saying some in the market were unwinding selling positions put on after the European Central Bank sounded more optimistic than expected on the euro zone’s prospects.

German Bund futures were down 4 ticks on the day at 142.66, having fallen as far as 142.21 earlier - its lowest since early December.

“People are taking off some of the shorts. The sell-off looked a bit overdone,” one trader said. “There’s not a huge deal going on (in terms of volumes), 142.67 looks like a resistance level, if we break above that (in a sustained way)then we’re going to target 143.00.”

The move came right before the results of a Italian debt sale.

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