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A Little Above Fresh Session Lows

BUNDS
HomepageBond Market NewsBulletMarketsFixed Income Bullets

Bund futures hit fresh session lows around the German national CPI data, with no meaningful surprises provided vs. levels indicated by the regional CPI prints.

  • Hedging surrounding the pricing of various EUR IG deals helps keep the pressure on, with weakness in wider core global FI markets weighing into the CPI release.
  • Bund futures probe support at the 1.618 projection of the Mar 8-18-27 price swing (129.26), registering a low of 129.25 thus far, before a recovery to 129.35.
  • A move lower would expose the 1.764 projection of the same move (128.88), although some would look to the futures equivalent of the Nov 24 high in 10-Year yields (129.18 today) as a support level.
  • German yields are 2.5-6.0bp higher across the curve, bear steepening.
  • German 2s10s and 5s30s stick within well-established multi-week ranges.
  • Most EGB spreads to Bunds were already off session wides into the release and generally print little changed to a touch tighter on the day.
  • STIR pricing colour to follow.
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Bund futures hit fresh session lows around the German national CPI data, with no meaningful surprises provided vs. levels indicated by the regional CPI prints.

  • Hedging surrounding the pricing of various EUR IG deals helps keep the pressure on, with weakness in wider core global FI markets weighing into the CPI release.
  • Bund futures probe support at the 1.618 projection of the Mar 8-18-27 price swing (129.26), registering a low of 129.25 thus far, before a recovery to 129.35.
  • A move lower would expose the 1.764 projection of the same move (128.88), although some would look to the futures equivalent of the Nov 24 high in 10-Year yields (129.18 today) as a support level.
  • German yields are 2.5-6.0bp higher across the curve, bear steepening.
  • German 2s10s and 5s30s stick within well-established multi-week ranges.
  • Most EGB spreads to Bunds were already off session wides into the release and generally print little changed to a touch tighter on the day.
  • STIR pricing colour to follow.