August 21, 2024 06:13 GMT
Early focus is on Supply
BUNDS
- Bund saw a 10 ticks gap higher overnight that was quickly closed, and the contract stays underpinned into the Cash open, albeit closer to flat post open.
- Initial resistance was seen at 134.72, this was tested after printing a 134.80 high today.
- Resistance remains at today's high of 134.80, and this will be followed by 135.18, managed a 135.17 high last week.
- There's no tier 1 Data for the session, focus this afternoon will be on the US BLS payrolls revision, while the FOMC minutes is unlikely to move the needle especially ahead of Powell Friday.
- SUPPLY: Some focus on supply on both sides of the Atlantic, UK £3.75bn 2027 (would equate to ~38.2k Gilt) should weigh into the bidding deadline. German €4.5bn Bund (equates to 38k Bund) should weigh. US Sells $16bn of 20yr Notes.
- SPEAKERS: ECB Panetta.
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