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Day ahead

BUNDS

A tight open for the contract and EGB's, and the margin better bid, as noted seller in Estoxx push the futures contract lower since the opening bell.

  • German curve is pretty flat, but starting to lean towards small bull flattening, with 5/30s testing low of the day and through yesterday's low and moving towards area's seen last week.
  • We have no real tier 1 data of note, but plenty of risk ahead with Brexi, Covid spikes in UK and the EU, as well forward Economic outlook.
  • FOCUS this morning will be on supplies, with German 10yr for EU4bn, and Portugal 10yr & 25yr.
  • Technically, supplies should weigh in early trading, into the bidding deadline, but safe haven will likely stay supported on the risk off tone, and uncertainty ahead

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