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BUNDS: Closing the Opening gap, targets initial resistance

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • A mixed start so far for the Week in the German Bund, main early mover was of course the PMIs on Monday with some of the moves reversed Yesterday.
  • Overall, and despite the downside opening gap, Bund stays at the top of this Week's range.
  • Resistance, aside from the opening gap to 134.91 which we are closing now, small initial resistance moves down to 135.04, printed a 135.01 high Yesterday, and this will again be followed by the 2.078% Yield level.
  • Support moves to 134.37, followed by the 134.00 area which has provided some support last week.
    A break below 133.92 would open to 133.79.
  • There's no Tier 1 data for the session, the French Consumer Confidence shouldn't be a market mover, nor will the Spanish PPI. OECD will publish the Economic outlook.
  • SUPPLY: UK £3.75bn 2031 (equates to 21k Gilt) should have limited impact, Italy €2.75bn 2026 (equates to 21.3k Short 2yr BTP) could weigh, plus 2029, 2039 linkers (won't impact BTP).
  • Germany €3bn 2030 (equates to 30.8k Bobl, or 16.4k Bund) wouldn't impact Bund. Portugal exchange Auctions won't impact Bund.
  • US sells $70bn of 5yr Notes, and $28bn of 2yr FRN reopening.
  • SPEAKERS: BoE Greene, Fed Kugler.
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  • A mixed start so far for the Week in the German Bund, main early mover was of course the PMIs on Monday with some of the moves reversed Yesterday.
  • Overall, and despite the downside opening gap, Bund stays at the top of this Week's range.
  • Resistance, aside from the opening gap to 134.91 which we are closing now, small initial resistance moves down to 135.04, printed a 135.01 high Yesterday, and this will again be followed by the 2.078% Yield level.
  • Support moves to 134.37, followed by the 134.00 area which has provided some support last week.
    A break below 133.92 would open to 133.79.
  • There's no Tier 1 data for the session, the French Consumer Confidence shouldn't be a market mover, nor will the Spanish PPI. OECD will publish the Economic outlook.
  • SUPPLY: UK £3.75bn 2031 (equates to 21k Gilt) should have limited impact, Italy €2.75bn 2026 (equates to 21.3k Short 2yr BTP) could weigh, plus 2029, 2039 linkers (won't impact BTP).
  • Germany €3bn 2030 (equates to 30.8k Bobl, or 16.4k Bund) wouldn't impact Bund. Portugal exchange Auctions won't impact Bund.
  • US sells $70bn of 5yr Notes, and $28bn of 2yr FRN reopening.
  • SPEAKERS: BoE Greene, Fed Kugler.