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A bad start for Bund

BUNDS
  • A really messy start for Bund just pre cash open on the botched German regional NRW release.
  • The contract is now back to session low and trading around the 2.70% mark in Yield.
  • Next upside target in Yield terms, would be at 2.75%, which equated to 131.64 yesterday.
  • Resistance is still at the opening gap at 132.89, despite the contract closing it on the wrong NRW release, printing a 132.99 high.
  • Today sees, PD/SP/CZ/SZ/IT/CA manufacturing PMIs, final for FR/GE/EU/UK/US, German regional/national CPIs, US ISM.
  • SUPPLY: UK £2.5bn 2038 (equates to 27k Gilt), German 2038 and 2039.
  • SPEAKERS: ECB Villeroy, Nagel, Visco, BoE Bailey, Fed Kashkari.

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