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Finding sellers on the Cash open

BUNDS
  • A pick up in Volume for Bund on the Cash open, as Europe joins the session, following a surprising Dovish Fed Yesterday.
  • Futures on this side of the Pond are finding some offers at the top of the ranges, and US Tnotes so far finds some resistance at 3.9417% the 10th August low in Yield, printed a 3.9394% low so far.
  • Technically next resistance in Bund is at 137.02 2.764 proj of the Nov of the 13 - 17 - 24 price swing.
  • Downside initial gap is at 136.33, and support is seen towards 136.33/136.21 area.
  • Today sees, Spain/Portugal final CPIs, US Retail sales/IJC.
  • BoE rate decision is expected unchanged at 5.25%, ECB rate is also expected unchanged at 4.5%).
  • SPEAKERS: While there'll be no Presser from the BoE, ECB Lagarde will be the main focus, especially following the Fed Yesterday.

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