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Early focus on the opening gap

BUNDS
  • Very thin liquidity in Bund and across rates, when you consider mostly under 1k traded lots in the Euribor strip.
  • Bund seems to have found a small short term base at 173.24, the December low going into year end.
  • The contract has seen better selling this week,. Despite Risk tilted to the downside, on Omicron spreads concerns.
  • Initial early focus will be on the upside opening gap, from 173.33 to 173.47, now trading at 173.50.
  • A quick look at Month End extensions, and seeing very small extension across the board.
  • Today sees PPI from France, Spain, Sweden, Ireland.
  • Out of the US, 3rd GDP reading is the notable release
  • SUPPLIES: US $17bn 5yr TIPS
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