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BUNDS: Looking to close the opening gap

BUNDS
  • Both Bund and Tnotes gapped lower overnight, but the divergence remains between Europe and the US.
  • Overnight Volume in Tnotes (TYZ4) isn't too bad given Veteran's day, Cash markets are closed, but Futures are open.
  • Bund is finding a small bid post cash open and still trades near the November high after it found some good rejection at the 2.50% level last week.
  • The Opening gap in Bund is up to ~132.30, and Friday's high sits at 132.33.
  • Above the latter, opens back to 132.73 initially.
  • Main support is the 2.50% level in Yield, equated to 132.66 last Week.
  • There's no Tier 1 data for the session, overall, it is a lighter Week on the Data front, UK Employment/GDP and especially the US CPI are at the forefront.
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