July 16, 2024 06:20 GMT
Bunds Through Yesterday’s Highs
EGBS
Bunds trade through yesterday’s high around the time of the old futures open, printing as high as 132.23.
- This comes as both WTI crude oil and Euro Stoxx 50 futures move below yesterday’s lows, suggesting the rally has been driven by cross-market moves.
- The bullish technical cycle in the contract remains in play, with next resistance seen at the 76.4% retracement of the Jun 14-Jul 3 bear leg (132.51).
- Looking ahead, fiscal-related comments from the latest ECOFIN meeting, the German ZEW survey, Italian final CPI data and the latest ECB bank lending survey are due today.
- On the supply front, Germany will sell EUR4bn of the new 2.50% 5-year Oct-29 Bobl (ISIN: DE000BU25034).
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