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CORRECTED-EURO GOVT-Bunds steady, focus turns to U.S. events
November 1, 2012 / 7:16 AM / 5 years ago

CORRECTED-EURO GOVT-Bunds steady, focus turns to U.S. events

(Corrects month in second paragraph)

By Kirsten Donovan

LONDON, Nov 1 (Reuters) - German Bund futures were steady on Thursday with markets hunkering down before key events in the U.S. in coming days.

With the euro crisis largely on hold as Greece hammers out a deal to secure more bailout money later this month in order to avoid bankruptcy and no sign Spain is about to ask for help, debt markets are likely to be buffeted by events in the United States.

Friday sees the release of the widely-watched U.S. non-farm payrolls report and presidential elections are held on Tuesday.

December Bund futures were 7 ticks higher at 141.75, holding around the middle of the trading range in place since June.

“The Bund future repeatedly ran into technical resistance in the 141.85-142.00 area,” Commerzbank strategists said in a note.

“This suggests that a slide back to the 140.88/66 area could be on the cards near-term,” they added, referring to levels that equate to the 55-day moving average and the 50 percent retracement of the last rally.

While all major European markets were open, trading volume was expected to be thin, due to public holidays in France, Italy, Spain and parts of Germany for All Saints day. (Reporting by Kirsten Donovan; Editing by William James)

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