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Closing the opening gap

BUNDS
  • A calmer overnight session for Bund, after the contract saw some of its largest hourly moves in a Month yesterday, as the UK and the US joined 2023.
  • Small support moves up to 135.12 (gap), followed by 134.80 initially.
  • Resistance comes at 135.60, followed by 135.83.
  • Today sees the French prelim CPI, and services PMIs, although will be final reading for FR/GE/EU.
  • Out of the US, ISM Manufacturing/price paid, and JOLTS are scheduled, ahead of the FOMC minutes.
  • SUPPLY: German EU5bn 2023 (equates to 46.9k Schatz), should weigh into the bidding deadline.
  • SYNDICATION: Austria 10yr EU Benchmark, Slovenia 10yr EU sustainability Bond.

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