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ALL EYES on US CPI

BUNDS
  • Bund unwinds some of the decent rallies seen this week and especially yesterday.
  • German ZEW, not usually a market mover did set out the tone yesterday, given the big miss versus estimates.
  • Recession is also at the forefront, with core Bond bid on FTQ.
  • Bund sees support moving up to 152.32 followed by 151.67. Resistance comes at 153.00, followed by yesterday's high at 153.48 (was the highest print since 30th May).
  • ALL EYES on the US CPI. Out of Europe, French and Spanish CPI will be final reading, also of note will be the EU IP.
  • SUPPLY: German EU1.5bn 30yr (Equates to 7.7k Buxl), and heavy Italian supply for today, Italy 2025 (equates to 38k short BTP), Italy 2029 and 2038 (equates to 28k combined BTP). and US $19bn 30yr.
  • EARNINGS: Delta (pre market)

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