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BUNDS: Tight Overnight Range, More Eurozone Confidence Data Due Today

BUNDS

Bund futures traded in a tight 16 tick range overnight, trading 18 ticks below settlement at 132.46 after core FI sold off modestly into the close.

  • Technically, a bull cycle in Bund futures remains in play, with a continuation higher opening 133.21 (June 14 high). The 50-day EMA at 131.80 remains the first support.
  • Yesterday’s 7-year UST auction was solid, but the associated bid in USTs did not spillover meaningfully into Bunds.
  • The mixed Tokyo July CPI print was similarly not a market mover, with it unlikely to shift BoJ thinking greatly.
  • Confidence data from Italy and France is due today, coming after a string of soft survey prints (e.g. flash PMIs, German IFO) already this week.
  • ECB inflation expectations are also scheduled at 0900BST/1000CET.
     
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletGlobalRegion

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