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Bund and Tnotes are back to pre NFP levels

BUNDS
  • Bund and Tnotes have unwound Friday's sell off Yesterday, and both contracts are sitting at pre NFP levels, Bund was at around 134.59, and TYZ4 was circa 114.30+, as Investors turns their attention to the US and the ECB this week.
  • Resistance in Bund will be seen at 134.81, last Friday's high, followed by 135.16, and the August high of 135.66.
  • Small support moves up to 134.16, followed by 133.59.
  • The Final German CPI came inline, while the UK Data was mixed, but closer to inline and only provided a 8 pips gain in Cable, which has been reversed.
  • There's no Tier 1 data left for the session, Italian IP is unlikely to move the needle.
  • SUPPLY: Some focus will be on Supply, but should have a limited real impact in Europe, today sees, UK £900 20y Linker (won't impact Gilt), Netherlands €2bn 30yr (would equate to ~9.3k Buxl) should have limited impact, German €500mln Bobl and €500mln Bund Green Auctions (equates to 3.8k Bobl and 6.4k Bund) too small won't impact bonds. US sells $58bn of 3yr Notes.
  • SYNDICATION: EU, and Italy mandates.
  • SPEAKERS: Fed Barr, Bowman.
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