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EU CPI and supply the early focus

BUNDS
  • Bund drifted lower going into the cash open, after the contract found support going into Month End this week.
  • German Retail Sales was mixed, and hasn't moved the needle, with the contract trading back at mid range ahead of the EU CPI.
  • Eurex roll will dominate volumes ahead of expiry next week (8th June).
  • Small support moves up to 135.66, followed by yesterday's low at 135.31 initially.
  • Resistance remains at 136.38, which was tested yesterday and printed a 136.40 high.
  • Early focus is on the EU CPI. Global mfg PMIs are also scheduled, but final readings for FR/GE/EU/UK/US.
  • Also out of the US, IJC, ISM mfg/price paid.
  • SUPPLY: Spain 3s, 6s, 30s plus linker, France 10s, 20s, 30s, should weigh.
  • SYNDICATION; Slovak 10yr (small).
  • SPEAKERS: ECB Lagarde, Knot, Villeroy, Fed Harker.

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