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EGBS: Rallying On Waller-Oil Combination

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures through yesterday’s high on the following news combination: 

  • Late Monday comments from Fed’s Waller, who pointed to considerable room for cuts, albeit with a preference for a gradual pace.
  • Weakness in crude oil markets after widespread reports that Israel told the U.S. that it would not target Iran’s oil and nuclear infrastructure but would focus on military sites (trading off inflation readthrough).
  • Contract +41 at 133.55, highs of 133.58 as the rally extends through the old open.
  • Bearish technical threat intact in the contract, next resistance levels at the 50- & 20-day EMAs (133.84/134.00). Initial support at the Oct 10 low (132.75).
  • Today’s data includes final CPIs from France & Spain, the ECB bank lending survey, German ZEW readings and European industrial production.
  • Today’s supply includes Finland selling up to a combined EUR1.5bln of the on-the-run 6/10-year RFGBs, while we expect Luxembourg to complete a 10-Year syndication today (we pencil in EUR1.25bln transaction size).
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Bund futures through yesterday’s high on the following news combination: 

  • Late Monday comments from Fed’s Waller, who pointed to considerable room for cuts, albeit with a preference for a gradual pace.
  • Weakness in crude oil markets after widespread reports that Israel told the U.S. that it would not target Iran’s oil and nuclear infrastructure but would focus on military sites (trading off inflation readthrough).
  • Contract +41 at 133.55, highs of 133.58 as the rally extends through the old open.
  • Bearish technical threat intact in the contract, next resistance levels at the 50- & 20-day EMAs (133.84/134.00). Initial support at the Oct 10 low (132.75).
  • Today’s data includes final CPIs from France & Spain, the ECB bank lending survey, German ZEW readings and European industrial production.
  • Today’s supply includes Finland selling up to a combined EUR1.5bln of the on-the-run 6/10-year RFGBs, while we expect Luxembourg to complete a 10-Year syndication today (we pencil in EUR1.25bln transaction size).