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Focus remains on Risk

BUNDS
  • Bund is unchanged like most cross asset, trading exactly where they were trading yesterday.
  • Bund saw a light overnight session, with EU and US Equities steady overnight, but risks remains tilted to the downside.
  • Worth keeping an eye on Treasuries in early trade, although the volumes is mostly spread related, the front month eye yesterday's high at 120.26, the highest print since mid April, and a clear break above the latter would open to 121.09.
  • This in turn, may keep Bund underpinned.
  • Bund resistance is still seen at 154.45/154.50 area, equates to 0.90%, which held yesterday.
  • There's very little out of Europe in terms of market moving data.
  • On the other side of the Pond, sees 2nd reading for GDP and Core PCE.
  • SUPPLY: Italy EU 2.25bn 2023 (equates to 14.8k short BTP), + Linker. US $42bn 7y.
  • SPEAKERS: ECB Centeno, Fed Brainard, Fed Daly interview on CNBC's "The Exchange" at 1300ET, but unlikely to learn anything new.
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