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Few data ahead of the FOMC

BUNDS
  • Bund remains within yesterday's range overnight and since the cash open.
  • Volumes have been very light across the board, with most investors on the sideline ahead of the expected 75bps hike from the Fed later today.
  • Early mover has been the BTP, opening lower following the S&P downgrade, but market moves have been somewhat limited.
  • Opening gap is at 124.17 down to 124.01.
  • For Bund, resistance will be seen at yesterday's high 156.28, but better is seen circa 156.56 = 0.889% yield (26th May low).
  • Support moves up to 155.16.
  • Out of Europe sees, French and Italian Consumer Confidence, while on the other side of the Pond, {us} US Wholesale Inventories and Durable Goods will be the notable releases, ahead of the FOMC.
  • SUPPLY; German Bund EU4bn (Equates to 28.4k Bund).
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