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Focus is on supply today

BUNDS
  • Bund fell 10 ticks on the cash open, on the back of the Europe car registration rising in April, but a light early flow, translates in a quick reversal, with the contract trading towards its intraday high.
  • Bund remains in a 229 ticks range for the past 11 sessions, or for most of May.
  • Resistance moves down to 135.90, while support comes at 134.99, followed by 134.35.
  • EU final CPI is the only notable release for the session, and unless there's a decent revision, it is unlikely to move the needle.
  • SUPPLY: Focus will be on Supply today, France 3s, 4s, 6s, plus 2029, 2036, 2053 linkers. Germany EU4bn Bund (equates to 30.3k Bund) may weigh, given the low liquidity. UK £3.75bn 2027s (equates to 13k Gilt) should have limited impact. US sells $15bn of 20yr notes.
  • SPEAKERS: ECB de Cos, Elderson, Centeno, Guindos, Rehn.
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