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Day ahead

BUNDS
  • Bund dipped lower on the cash open, following the German GFK confidence beat, but an overdone move for these type of data and especially ahead of a very packed day on the data front for Europe on Friday.
  • After a small test below the 135.00 handle, the contract has recovered and remains elevated after gaining some 206 ticks from Monday's low to yesterday's high on safer haven flow, following Banking credit contagion risks concerns.
  • The contract did open with a small gap, and this will be the initial upside area to close, up to 135.34, but initial resistance is eyed at 135.52.
  • Support moves up to 134.56 initially.
  • Only notable data out of Europe is the French Consumer Confidence, but more focus on the US prelim Wholesales inventories and Durable goods.
  • SUPPLY: German 2037 and 2038 (equates combined to 25.5k Bund) should have limited delta hedging impact.
  • SYNDICATION: Finland EU3bn no grow 10yr.
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