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Busy day for data

BUNDS
  • Bund opened with a small upside opening gap, but the overnight session has subdued overnight, after the contract traded in a big 260 ticks range yesterday (157.10/159.70, low/high).
  • The contract sees support at the downside gap from 157.48 down to 157.30 initially.
  • Bund is testing 158.00 since the cash open. Above the latter would see 158.54.
  • Plenty of data for today, Global services PMIs, although will be final readings for Core countries. Swiss CPI, and out of the US, besides final services PMI, sees Factory orders, Durable will also be final reading.
  • SUPPLY: German EU1.5bn 15yr (Equates to ~15.4k Bund), should have no delta hedging impact.
  • SPEAKERS: Fed Bullard, Harker, Daly, Barkin and Kashkari.

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