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Day ahead

BUNDS

Bund stays underpinned, with a couple of ticks reaction on the cash open, after a miss in German Retail Sales

  • German 5/30s leans bull flatter at 93.607 on the margin, but well within the 9 days range (91.64-95.48).
  • Rolling position into Sep will continue to dominate volumes this week.
  • Very little in terms of data for today, with Spanish Unemployment and EU PPI. No tier 1 release from the US.
  • SPEAKERS: A few are scheduled, ECB Villerpy, Elderson, Weidmann (Climate conf), Lagarde (prize ceremony), Fed Harker, Evans, Bostic,
  • ECB will publish report on international role of the EUR
  • SUPPLIES: Main focus this morning will be on supplies, with UK 2031 and 2046 (Equates combined 62k Gilts) should keep the lid on the contract into the bidding deadline. German Bobl EU4bn (Equates 31.7k Bobl)

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