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A new June contract low for Bund

BUNDS
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  • Bund sees further downside momentum overnight, following Hawkish Kashkari comment and the US Consumer Confidence beat Yesterday evening.
  • Australian CPI beat overnight also likely helped keep the lid on Govies, but this was limited, only worth 5 ticks for German 10yr at the release.
  • In all, the Australian Data did little to change the direction of travel, as Investors continue to grapple with the number of cumulative rate cuts past June from the ECB in 2024.
  • The June contract has now printed a June contract low, and 10 Yield look like it will open above 2.60% when it is quoted.
  • Next immediate support is at 129.26 1.618 proj of the Mar 8 - 18 - 27 price swing.
  • While in Yield terms, the 2.65% will be the one to watch, printed a 2.648% high on April 2024.
  • Resistance moves down to 130.04 initially.
  • Today sees, French consumer confidence, German regional/National CPIs, and no Tier 1 data out of the US.
  • SUPPLY: Also weighted on Govies Yesterday, today UK £1bn 2039 linker, won't impact Gilt, Germany 2038, 2041 (equates combined to 20k Bund) won't weigh. US sells $28bn 2yr FRN (won't impact Treasuries), and sells $44bn of 7yr Notes, could weigh.
  • SPEAKERS: ECB Villeroy, Fed Williams.
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  • Bund sees further downside momentum overnight, following Hawkish Kashkari comment and the US Consumer Confidence beat Yesterday evening.
  • Australian CPI beat overnight also likely helped keep the lid on Govies, but this was limited, only worth 5 ticks for German 10yr at the release.
  • In all, the Australian Data did little to change the direction of travel, as Investors continue to grapple with the number of cumulative rate cuts past June from the ECB in 2024.
  • The June contract has now printed a June contract low, and 10 Yield look like it will open above 2.60% when it is quoted.
  • Next immediate support is at 129.26 1.618 proj of the Mar 8 - 18 - 27 price swing.
  • While in Yield terms, the 2.65% will be the one to watch, printed a 2.648% high on April 2024.
  • Resistance moves down to 130.04 initially.
  • Today sees, French consumer confidence, German regional/National CPIs, and no Tier 1 data out of the US.
  • SUPPLY: Also weighted on Govies Yesterday, today UK £1bn 2039 linker, won't impact Gilt, Germany 2038, 2041 (equates combined to 20k Bund) won't weigh. US sells $28bn 2yr FRN (won't impact Treasuries), and sells $44bn of 7yr Notes, could weigh.
  • SPEAKERS: ECB Villeroy, Fed Williams.