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Focus is on supply today

BUND SUMMARY
  • Bund remains steady post Cash open, with European CPIs back at the forefront this week.
  • Eurex rolls will also kick off going into the end of the week.
  • Month will also come into play, these are ok for the EU and the US but a non Event for the UK.
  • Support in the German 10yr is at 129.83, followed by 129.53.
  • Resistance comes at 130.52, and 131.01.
  • There's no tier 1 data for the session, ECB will release CPI expectations, and on the other side of the Pond, sees US Consumer Confidence.
  • SUPPLY: Focus today will be on Supply, Netherlands €2bn 2038 (equates to 17.6k Bund), Italy sells 2024, 2026 (equates combined 24.6k short 2yr BTP) could weigh, plus 2033 linker (won't impact BTP).
  • German green 2029 Bobl (equates to 8.4k Bobl) should have no impact, German green Bund (equates to 7.56k Bund) should have no impact.
  • US sells $69bn of 2yr Notes, and $70bn of 5yr Notes.
  • SPEAKERS: ECB Centeno, Knots, Fed Kashkari, Cook, Daly.
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