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Early focus is on supply

BUNDS
  • Early focus is on supply: Bund remains in a tight range post cash open, but drifting a few ticks lower, and small support moves up to 135.95, while resistance is seen at 136.98.
  • Today sees, EU PPI, US Factory order, JOLTS, final Durable Goods.
  • ECB release Consumer Expectations Survey.
  • SUPPLY: Netherlands 20230 EU5bn (Equates to 26.5k Bund) could weigh into the bidding deadline especially given the lower trading volumes.
  • UK £2.25bn 2039 (Equates to 20.7k) could weigh.
  • SYNDICATION: Cyprus 2023, and Italy green 2031.
  • SPEAKERS: ECB Centeno, BoE Pill, Tenreyro, Fed Cook, Collins, Mester.

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