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ALL EYES on EU CPIs

BUNDS
  • A tighter overnight range for Bund, with ALL EYES on EU CPIs.
  • The contract is in the red, but stays nearer yesterday's upper range.
  • Resistance is still at last Friday's gap, 142.08 area, while support moves up to 140.51.
  • All the attention this morning is on European prelim inflation data, including France, Italy and the awaited EU print.
  • On the other side of the Pond, US ADP, Wholesale Inventories, JOLTS are the notable releases. US GDP and Core PCE are second readings.
  • Look for Month End flow, although a non event for the UK, and small for Europe, we have a decent to large Month End Bond extension for US Treasuries.
  • SUPPLY: German EU3bn Bund (equates to 21.6k Bund), should have limited delta hedging impact.
  • SPEAKERS: BoE Pill, ECB Makhlouf, Fed Bowman, Cook, but more focus on Fed Powell.

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