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EU CPI and German supply the early focus

BUNDS
  • A tighter and steadier session for Bund overnight, following a busy wide traded range session Yesterday, when EGBs took their cue from the rising US Yields.
  • Bund is now closer to Yesterday's mid range going into the Cash open, as US 10yr Yield found some good resistance at the 4.40% mark, equated to 109.15 Yesterday.
  • Resistance for Bund moves down to the 132.54 area, followed by 132.95 and 133.24.
  • Support is at 131.87, followed by 131.54. Initially.
  • Further out, would target 2.512% (2024 high in Yield).
  • Today sees, EU CPI, and on the other side of the Pond, US services PMI will be final reading, so attention will be on the US ADP, but more so on the US ISM services.
  • SUPPLY: German €4.5bn 10yr Bund (Equates to 37k Bund) could weigh.
  • SPEAKERS: Fed Powell, Bostic, Bowman, Goolsbee, Barr, Kugler, ECB de Cos.

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