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A busy week ahead

  • Bund extended above Yesterday's high going into the cash open, in low volumes as the UK return from their long Bank holiday weekend.
  • German GFK missed expectations, but buying in Bund in Treasuries started 20 minutes before the EU Cash Govie open.
  • Resistance in Bund moves down to 132.57, followed by 132.87 initially, while support comes at 131.70 Yesterday's low.
  • Today sees, German and French Consumer Confidence, and out of the US, JOLTS.
  • Besides the big amount of data, with European inflation starting as of Tomorrow, and the US Employment Friday, we also get Month End, which should be notable for the US, but is small for Europe and a non event for the UK.
  • Eurex spreads should also start picking up into the end of the week, ahead of expiry on the 7th of September.
  • SUPPLY: German EU4bn Bobl (equates to 37.8k Bobl), could weigh. US sells $36bn of 7s.
  • SYNDICATION: German €3bn WNG 2053.
  • SPEAKERS: Fed Barr on Banking Services.

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