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Early focus on Supply

  • Bund future remains under pressure, on Inflation concerns, and ticked lower after the German PPI beat on the cash open.
  • Immediate support is still seen at 135.14, the October low, which held twice last week.
  • Further out, will see test towards the 2.45% mark in Yield.
  • 10yr Yield printed a 2.42% high last week, which was also the highest print since August 2011.
  • Resistance moves down to the 135.82/135.93 area.
  • There's no tier 1 data left for the session and early focus will be on European supply.
  • SUPPLY: Spain 3, 4 and 7yr, France 2, 4, 5yr plus Linkers.
  • For the US, $21bn 5yr TIPS.
  • SPEAKERS: BoE Broadbent, ECB de Cos, Fed Harker, Jefferson, Cook, Bowman.

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