0643 GMT – German Bunds look stuck in their recent range as the rally stalled at key levels and data should support a more cautious tone from the European Central Bank on Thursday, Commerzbank Research says. “Larger positioning adjustments ahead of tomorrow’s ECB meeting seem unlikely after the latest rally stalled at 2.8% for 10-year Bund yields and 4.8% for 10-year U.S. Treasury yields,” rates strategists Rainer Guntermann and Hauke Siemssen say in a note. Wednesday’s rather light data calendar, including the German Ifo index, is unlikely to give the market a new direction, they say. The 10-year German Bund yield is trading just over 3 basis points lower at 2.803%, according to Tradeweb. The Ifo index is due at 0800 GMT. ([email protected])