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Falls over 100 ticks overnight ahead of the ECB

BUNDS
  • Bund fell some 100 ticks overnight after report that CS will borrow up to CHF50bn from the SNB, and will buy back certain senior debt securities up to CHF3bn.
  • The 138.00 psychological level held yesterday, and small resistance will move down to 137.24 ahead of the figure.
  • Small support is at 135.66.
  • ECB will be key today, and despite the clear message from most ECB members, including Lagarde that a 50bps hike at the March meeting was set in stone, they couldn't foresee the impact of fast hiking rates into financial markets. Some investors will now look for the ECB to put the foot off the pedal and go for a 25bps hike instead.
  • Bloomberg Economists estimates are still all going for a 50bps, even the one that have provided their calls post the 9th March (SVB day).
  • Besides the ECB, there are no real tier 1 data for the session, out of Europe, Italy final CPI, and in the US, the IJC.
  • UK OBR will brief on the budget.
  • SUPPLY: Spain 5s, 10s and 30s, France 4s, 5s, 7s plus Linkers.
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