Eoin Treacy's view German Bunds – prices encountered resistance below 147 three weeks ago and have returned to test the psychological 140 area which also marks the upper side of the underlying trading range. Today's bounce suggests at least near-term support and a sustained move below 140 would now be required to question potential for some additional upside.

Oil/Natural Gas ratio – traders betting on the decline of natural gas pushed this ratio to an accelerated high by mid-April. Since then its pull back has led to a reversal of the long oil / short gas trade and has contributed to natural gas' relative strength of late. The ratio broke downwards on Monday and a sustained move back above 33 would be required to question additional potential for gas to outperform.

Asia Dollar Index – pulls back from the 115 area and will need to hold above the June 1 st low near 113.68 if a reassertion of the medium-term downtrend is to be avoided.