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EGBS: Bund Futures Softer Ahead Of NFP

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures are -34 ticks to 131.46 but remain within yesterday’s range. Markets await the US labour market report at 1230GMT/1330CET, with public holidays across the Eurozone helping contain activity this morning.

  • A bearish theme in Bund futures remains intact, with initial support seen at 131.13 (corresponding to the 2.45% 10-year yield level), shielding round number support at 131.00.
  • On the upside, initial key resistance has been defined at 132.65, the Sep 2 low.
  • The German curve has twist steepened, with 2-year yields 1bp lower and 30-year yields almost 5bps higher.
  • The 10-year BTP/Bund spread is 1bp wider at 127bps, after reaching a high of almost 130bps yesterday. PGBs underperform, despite the 2025 budget bill passing its first reading in Parliament yesterday. 
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Bund futures are -34 ticks to 131.46 but remain within yesterday’s range. Markets await the US labour market report at 1230GMT/1330CET, with public holidays across the Eurozone helping contain activity this morning.

  • A bearish theme in Bund futures remains intact, with initial support seen at 131.13 (corresponding to the 2.45% 10-year yield level), shielding round number support at 131.00.
  • On the upside, initial key resistance has been defined at 132.65, the Sep 2 low.
  • The German curve has twist steepened, with 2-year yields 1bp lower and 30-year yields almost 5bps higher.
  • The 10-year BTP/Bund spread is 1bp wider at 127bps, after reaching a high of almost 130bps yesterday. PGBs underperform, despite the 2025 budget bill passing its first reading in Parliament yesterday.