March 20, 2012 / 3:17 PM / 5 years ago

EURO GOVT-Bunds erase gains, yields push further above 2 pct

LONDON, March 20 (Reuters) - German Bund futures erased earlier gains on Tuesday, slipping slightly lower and driving yields further above the 2 percent level which was expected to act as a support level after last week's decisive break.

"My view is that we've turned in yields - two percent now should be decent support, and then we're looking to trade the 200-day (moving average) at 2.12 percent at least and even up to 2.30. We're looking to sell any rallies," a trader said.

Bund futures were last at 135.47, down 13 ticks on the day. The contract had earlier hit a session high of 135.89 but steadily gave back those gains over the course of the afternoon. Ten-year yields rose 1.5 bps on the day to 2.06 percent.

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