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Early focus on Supplies

BUNDS
  • Bund sits at the lower part of the overnight range going into the cash open.
  • Keep an eye on Treasuries in early trade.
  • There was no real trigger, but inflation concerns, higher energy, keeps weighing on Govies, and better PAYing interest flow..
  • Next target for Bund is the -0.146% yield level, which reference 169.34 would equate to 168.74.
  • Not much in terms of market moving data for the session, no doubt that we will have the usual knee jerk move on the USD ADP, as a real correlation with NFP remains to be proven.
  • SUPPLIES: Early focus will be on supplies, with UK £2.5bn 2029 (equates to 17.8k Gilts), and German EU4bn Bobl sell (Equate to 31.4k Bobl)
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