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Early focus will be on heavy supply in Europe

BUNDS
  • While US Treasuries are off the lows and ticking in the green, Yields remain elevated on both side of the Atlantic.
  • Bund has again found some support at the initial 132.05 level, printed a 132.02 low Yesterday and 132.06 low overnight.
  • This area remains, and a break through would again open to the 2.50% yield, equated circa 131.80 Yesterday.
  • Resistance noted Yesterday is still at 132.71.
  • A quick side note for the US, June is now front Month and support in TYM4 is still at 109.31+.
  • Again there's no Tier 1 data out of Europe, Italian Consumer Confidence is unlikely to be a real mover with the main focus on CPIs, and EU Consumer Confidence is final reading.
  • Out of the US, will see 2nd readings for GDP/Core PCE, and Wholesales Inventories.
  • SUPPLY: Early focus is on Heavy supply, UK 2031 (28.6k Gilt) should weigh, Italy 2029, 2034 (equates combined to 63.2k BTP) will weigh, plus 2031 Floating (won't impact BTP), German 2038, 2042 should have a limited impact on Bund, but should be weighted by Italy.
  • SPEAKERS: ECB Muller, BoE Mann, Fed Bostic Collins, Williams.
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