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Early focus on supply

BUNDS
  • Bund remains within yesterday's range, on very light volumes overnight.
  • Cash open saw selling orders in Bund (2k) and Tnotes (3.2k) on the BoE headlines, but moves lack traction.
  • Real Money has been on the sidelines, with ALL EYES on the US CPI tomorrow.
  • There's no tier 1 data for the session.
  • SUPPLY; Early focus will be on supply, Austria 2032, 2044, German 2yr EU6bn Schatz Auction (Equates to 61k Schatz) should weigh into the bidding deadline. UK £1.75bn 2051 (equates to 33k Gilt), and US sells $42bn of 3yr notes.

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