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Gap support holds

BUNDS
  • Bund and the initial support of 131.94 (gap), continues to hold, with some of the sell off Yesterday getting close to overdone.
  • A third of the front Month volume is spread related, and expect for this to dominate today ahead of expiry next week in Eurex.
  • Futures contracts have again found resistance close to Yield levels, Schatz came close to the 2.75% level, which equated to 105.515 Yesterday, printed a 105.505 high.
  • Risk still remains to the upside going into Year end.
  • Today sees Global mfg PMIs, but will be final readings for FR/GE/EU/UK/US, Italy final GDP, US ISM mfg/price paid are also due.
  • SPEAKERS: ECB Elderson, de Cos, Lagarde, Fed Goolsbee, Cook, Powell (x2).

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