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Early focus is on supplies, but watch short end

BUNDS
  • US Cash and OTC are closed, Futures are open on the other hand.
  • Early focus, is on the the US Eurodollar and precisely the March 2023, which is now another 4 ticks down, following the CPI beat yesterday, and potential impacts for the Euribor and Sterling.
  • EDH3 is now at lowest level since February 2020.
  • Bund is off the session low, albeit still deep into negative territory.
  • Medium, longer term outlook remains tilted to the downside.
  • We have nothing of real note on the Data front, some potential interest for cash traders with Irish CPI, and the final Portugal CPI.
  • Nothing out of the US on Veteran's day.
  • SUPPLIES: Early focus will be on supplies, with Italy 2024 and 2029 (Equates to 24.9k BTP), should keep the lid on the contract in early trade.
  • Ireland 2028 and 2031 is also scheduled.
  • SPEAKERS: Will be ignored, with all the attention back onto data release ahead of the December Central Banks.
  • Today, sees ECB Makhlouf, Lane, Schnabel, de Cos, and BoE Mann.

Chart source: Bloomberg

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