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Gapped lower on the open

BUNDS
  • Initial support noted at 131.97 did held Yesterday, but the German contract has gapped lower and through it overnight, and remains under pressure going into the Cash open, as investors look for US rate to stay higher for Longer.
  • Canadian CPI beat and the Australian CPI beat this week seems to have set the tone since Tuesday for Futures, EU and US supply delta hedging needs on lower trading volumes have also helped exacerbate some of the moves.
  • Next support in Bund comes at 131.58, while resistance will be moving down to 131.98 (gap), followed by the 132.52 area.
  • There's a pick up on the Data front, today includes, Italy consumer confidence, EU final consumer confidence, Italy PPI, US 3rd reading GDP/Core PCE, US IJC, prelim Wholesales/Durable goods.
  • US data are 3rd readings for some and most European data should have limited impact, with all the attention on Tomorrow's busiest session.
  • BOE releases financial stability report and FPC summary.
  • SUPPLY: Italy 2029, 2034 (equates combined 52.3k BTP) should weigh, plus 2032 floating (won't impact BTP). US Sells $44bn of 7yr notes.
  • SPEAKERS: ECB Muller, Kazimir.
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