Bonds rally on the combination of the pullback from best levels in European and U.S. equity futures and the slightly softer-than-flash European PMI data.

• This allows TY, Bund and gilt futures to push through Friday’s highs, adding a technical aspect to the move.
• TY resistance comes in at the 50-day EMA (109-12)
• Bund resistance comes in at the 20-day EMA (130.31)
• Gilt resistance comes in at the May 23 high (97.44).