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EGBS: Bunds Weaken Alongside USTs Overnight

EGBS
CEEMEAEurozoneBulletGlobalFixed Income BulletsRegion

Bunds are -32 at 132.31, having weakened alongside USTs overnight.

  • Yesterday’s range (132.15 to 132.73) provide the immediate support/resistance in Bund futures.
  • The weaker-than-expected UK retail sales and in-line German PPI data had little net impact on the space.
  • A weak 10-year TIPS auction and heightened speculation around Biden’s future in the Presidential race has weighed on USTs overnight.
  • ECB source reports from Bloomberg yesterday evening signalled concerns that the ECB may only be able to deliver one additional cut this year. 
  • More on post-meeting ECB speak will feature in our upcoming STIR post.
  • Today’s data calendar includes current account data from the Eurozone, Italy, Greece and Portugal. These are not usually intraday market movers.
  • The ECB’s latest Survey of Professional Forecasters is also due at 0900BST/1000CET.
     
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Bunds are -32 at 132.31, having weakened alongside USTs overnight.

  • Yesterday’s range (132.15 to 132.73) provide the immediate support/resistance in Bund futures.
  • The weaker-than-expected UK retail sales and in-line German PPI data had little net impact on the space.
  • A weak 10-year TIPS auction and heightened speculation around Biden’s future in the Presidential race has weighed on USTs overnight.
  • ECB source reports from Bloomberg yesterday evening signalled concerns that the ECB may only be able to deliver one additional cut this year. 
  • More on post-meeting ECB speak will feature in our upcoming STIR post.
  • Today’s data calendar includes current account data from the Eurozone, Italy, Greece and Portugal. These are not usually intraday market movers.
  • The ECB’s latest Survey of Professional Forecasters is also due at 0900BST/1000CET.