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Early focus is on supply

BUNDS
  • Bund and Treasuries might be showing in the green going into the European cash open, but both Bund and Tnotes remains heavy and closer to their supports.
  • Initial support in Bund is still at 131.54, followed by the 131.09 area.
  • Note that in February, when the German 10yr Yield printed 2.512%, Bund went as low as 131.23, that 2024 high Yield level equated to 131.09 Yesterday, and this will now be the main key support.
  • There's not notable data for today, with the main focus on the US CPI Tomorrow.
  • ECB will release Bank lending survey, and there's no scheduled data out of the US.
  • SUPPLY: Austria 5y, 10y, UK £2.25bn 2043 (equates to 32.3k Gilt) should weigh into the bidding deadline, German €4bn Bobl (equates to 33.6k Bobl) should weigh, US sells $58bn of 3yr notes.
  • SYNDICATION: Belgium 5yr Benchmark.
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