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A busier day ahead

BUNDS
  • Bund remains well within Yesterday's range with the June low in Yield terms holding, equated to circa 133.36, printed a 133.36 high and a 2.344% vs 2.342% June low Yesterday.
  • The French GDP beat was just worth a 5 ticks sell off, a tiny move for the contract, but we have since jumped back into green territory post cash open.
  • Resistance remains at the 133.36 area initially, while support moves up to 132.88, followed by132.69 (gap).
  • It's a much busier day ahead, with German and Spain CPIs, as well as Growth data out of Germany, Italy, Portugal and EU.
  • US JOLTS is the only real notable data for the US.
  • SUPPLY: Heavy Italian supply, 2029s, and 2035 (equates combined 61.2k BTP), should weigh into the bidding deadline, 2032 floating (won't impact BTP).
  • UK £3.75bn 2034 (equates to 34.3k Gilt) could weigh.

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