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German 30yr Yield test the 2.65% level

BUNDS
  • A very tight 11 ticks range for Bund overnight, pre cash open but this doesn't provide the main picture, after the contract closed the upside 11th April gap on the 11th May, and breaking the initial key support that was at 134.99 yesterday, Bund extended another 114 ticks drop from the latter, 123 ticks since today's cash open
  • The 30yr Buxl led, and although it is off its low this morning, it has tested through 133.32, which was 9th March low, and has now tested the 2.65% level in Yield which equated to 133.22 yesterday, printed a 133.02 low on the cash open.
  • Next support in Bund is seen at 133.44 the 25th April gap, and resistance moves down to 134.35.
  • With the German PPI out of the way, there's no notable data left for the session.
  • Focus will be on Equity Option expiry, with Gamma playing a role in the rallies noted yesterday.
  • Expect more volatility in the indices today in Europe and the US.
  • SPEAKERS: BoE Haskel, ECB Lagarde, de Cos, Schnabel, Fed Chair Powell, Former Chair Bernanke Speak on Policy panel, and Williams, Bowman are also scheduled.

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