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Day ahead

BUNDS

A tight range bound start for Bund since the cash open (168.88-169.05).

  • Curve trades flat, and the contract is bid on the margin, after some decent recovery in Equities.
  • Estoxx Futures trades just above the 61.8% retracement of this week's fall, while Bund is still well short of the 1.02% fall since Monday and 2.35% from March high.
  • Early initial resistance moves down to 186.24.
  • Today in Europe sees Spanish CPI the only tier 1 data, but will be final reading,.
  • ECB publishes account of April 21-22 meeting.
  • Once again attention will turn to US data following the CPI and PPI beat this week.
  • Today includes Retail Sales, IP, and prelim Michigan.
  • RATINGS (after markets): Fitch on Portugal, S&P on Netherlands

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