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A busy day ahead

BUNDS
  • German 10yr Yield continues to push higher into levels last seen since 2011.
  • Yesterday the contract tested the August 2011 high at 2.593% (2.594% is the August 2011 high), with a 133.40 low in futures.
  • Next support target in Bund is at 133.35, would equate to 2.60% in Yield terms.
  • Further out would see 132.78 and a 2.65% in Yield.
  • Resistance moves down to 134.03.
  • Data are picking up today, with French prelim CPI and final GDP, Spain prelim CPI, Portugal prelim CPI and final GDP.
  • On the other side of the Pond, US prelim wholesales inventories, and MNI Chic PMI.
  • Regarding Month End, Bond extensions are more notable for the US, averages for Europe and a non event for the UK.
  • Expect possible flow into 16.15GMT.
  • SUPPLY: Netherlands EU2.5bn 15y (equates to 20.5k Bund), German EU6bn Schatz (64.1k Schatz) should weigh into the bidding deadline.
  • SPEAKERS: BoE Cunliffe, Pill, Mann, Fed Goolsbee (at Community College).
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