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Downside opening gap overnight

BUNDS
  • Although the German Bund trades in a more contained 30 ticks overnight range, going into the Cash open, the contract saw a decent 45 ticks downside opening gap, to trade below pre NFP levels.
  • The same cannot be said for US Tnotes, with TYU4 needing a test back to ~113.00 to consolidate NFP's rally
  • Despite the big German Factory order data beat, Bund has actually rallied on the release, to extend its range to 46 ticks, more likely driven by Cash buyers on the open.
  • Next immediate support comes at 134.32 (gap), followed by 133.77.
  • Resistance comes at 135.19 (opening gap), followed by 135.88.
  • There's no tier 1 data for the session, EU retail sales won't move the needle, and US Trade Balance is the only release this afternoon.
  • BOE releases report on APF.
  • SUPPLY: Austria 2034, 2040 (won't impact Bund), UK Sells £2bn 2043 (equates to 29.2k Gilt) could weigh, Germany €4bn Bobl (Equates to ~37.7k Bobl) could weigh into the bidding deadline. US also Sells $58bn of 3yr Notes.
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