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Attention is on the Fed

BUNDS
  • very little change for Bund overnight, with a 19 ticks range going into the cash open.
  • The contract mainly saw some unwind Yesterday in low traded volumes, reversing some of Monday's PMI rallies, with most investors on the sidelines ahead of the Fed, ECB and inflation data on Friday.
  • Support is at 133.10, not a technical level as such, but where the contract was trading around pre French PMI.
  • Below the latter, better is seen at 132.60.
  • Some desk will look at 134.01, Monday's high for resistance, and this will be followed by 134.32 initially.
  • Today sees, no real tier 1 data for the session, with the main focus on the Fed and presser, when a 25bps hike will be expected.
  • SUPPLY: German EU4bn 7yr (equates to 24.1k Bund or 51.8k Bobl) should limit upside into the bidding deadline. US sells $24bn of 2yr FRN, won't impact Treasuries.
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