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Fed Powell is at the forefront today

BUNDS
  • German and Eurex June contract are now the Front Months, as desks rolled the vast majority of their Positions into June ahead of the first Risk Event of the week, with Fed Powell's Testimony this afternoon.
  • The contract remains in a tight 19 ticks range going into the cash open.
  • Resistance is at today's high, 133.27, followed by 133.74.
  • Small support in Bund moves up to 132.65 initially.
  • In terms of data, German/UK construction PMIs and EU Retail Sales aren't likely to be big market movers.
  • Out of the US, sees ADP, JOLTS, while Wholesales Inventories will be final reading.
  • SPEAKERS: UK Chancellor Hunt Spring Budget, Fed Powell, Daly (voter), Kashkari (non voter).

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