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Fades from key levels

BUNDS
  • Bund and Bonds future have recovered somewhat from their respective lows, ahead of key Yield levels.
  • Nonetheless, and although Bund is up 11 ticks on the day, Yields are still widely elevated.
  • One clear thing that is noticed in markets is that there's a real tug of war, contracts are trading in tight ranges, but counterparties are finding themselves in big sizes, sellers vs big bids.
  • The Bund gap noted this week at 127.79 has somewhat held, did print a 127.88 high Yesterday and a 127.87 high today.
  • This area will, be seen as the immediate resistance, and above the latter sees 128.28 initially.
  • Some Investors will look at 127.28, Yesterday's low for support, but main target is circa 126.90 which Equated to 3% Yesterday.
  • There's no notable data for the session.
  • SPEAKERS: Fed Harker, Mester, unlikely to learn anything new, with Powell out of the way.
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