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Attention turns to Prelim PMIs.

BUNDS
  • Bund remains underpinned, opened with a small gap up, as investors turn their attention to prelim PMIs.
  • Similar price action for the Estoxx futures, underpinned, but still short of Yesterday's high at 4305.0.
  • For Bund, small support is at 131.16 (gap), followed by 130.75.
  • Resistance is at 131.41, followed by 131.73.
  • Focus is on the French, German, EU, UK, US prelim PMIs.
  • Also out of the US, Prelim. Benchmark revision to Establishment survey Data: "Each year, the establishment survey estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW) for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. At 10:00 a.m. on August 23, 2023," (BLS).
  • SUPPLY: German EU3bn 7yr (Equates to 38.7k Bobl, or 18k Bund) should have limited impact on Bund. US sells $24bn FRN 2yr reopening and $16bn of 20yr Bonds.
  • SYNDICATION: EFSF, Finland.
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