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A busy day ahead

BUNDS
  • Bund made an attempt at the figure going into the Cash open, but has lacked momentum, and the contract remains in a 18 ticks range, going into the European session.
  • Bund found some resistance at the 2.50% support mark in Yield term, printed a 2.505% low and a 131.55 high in futures Yesterday, with gains in futures helped by the latest round of US Data miss so far this week.
  • September is the front Month with the Roll all be done, running at the mid 90% completion, ahead of expiry Tomorrow.
  • Resistance is circa the 131.55, followed by 131.75 initially.
  • Support moves up to 130.83, followed by 130.56, although did print 130.50 low Yesterday.
  • Today sees, Services PMIs, but will be final readings for France, Germany, EU, UK, US. French IP will also be due, but should be a limited market mover.
  • Main focus this afternoon, will be on the US ISM services/price paid.
  • SUPPLY: UK £4bn 2027 (equates to 11.3k Gilt), should have limited impact on the contract, Germany €3bn 2030 (equates to 16.6k Bund or 33.5k Bobl), could weigh on Bobl if hedged against it.
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