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A busier week ahead

BUNDS
  • A tight 12 ticks overnight range for Bund, and the contract finds some small offers into the cash open, to remain near last week's low at 132.60, which will be seen as the initial support, while resistance moves down to 133.68 initially.
  • A busier week ahead, with the FOMC and the ECB's expected 25bps hikes, to end the week with European CPIs on Friday, coupled with Month End.
  • Bond extensions are again small to average for the US and the EU and tiny for the UK.
  • Seasonally, August is a bullish Month for Bund.
  • Today sees prelim Services PMIs for France, Germany, EU, UK, and US.
  • SUPPLY: Belgium 10s, 30s, 50s, but should have limited impact.

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