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Focus turns

BUNDS
  • Liquidity remains very subdued for markets overnight, with below averages volumes during China's Lunar Year.
  • Bund has traded in a tight 20 ticks range overnight and into the cash open.
  • Bund support is back at 137.55 initially, which held last week, printing a 137.53 low.
  • Resistance comes at 138.44.
  • Main focus today, is on the prelim services PMIs.
  • SUPPLY: German EU1.5bn 2025 (equates to 19.4k Schatz) should have limited impact. US sells $42bn of 2yr notes.
  • SYNDICATION: EU 2053, UK DMO sets coupon.
  • SPEAKERS: ECB Knot, Vujcic, Lagarde, SNB Schlegel.

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