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USDJPY TECHS

Fades Off Resistance

EURGBP TECHS

Bullish Theme, Despite Week’s Weakness

US TSY FUTURES

BLOCK, 5Y Sale

US OUTLOOK/OPINION

MS: Adding An Extra 25bp Hike For May But Keep Existing Cuts Call

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German Bund supply the early focus

BUNDS
  • Bund is circa flat on the cash open, with the shorter 2s and 5s outperforming, while the 30yr underperforms, tilting the curve steeper on the cash open.
  • Small support moves up to 136.71, followed by 136.38 initially.
  • Resistance moves to 137.57.
  • There's no tier 1 data for the session, and the only notable data out of the US will be Wholesale Inventories, but Final reading, shouldn't move the needle with ALL EYES on the CPI tomorrow.
  • SUPPLY: Early focus will be on the German EU4bn Bund (equates to 28.7k Bund), should weigh into the bidding deadline.
  • On the other side of the Pond US sells $35bn of 10yr notes.
  • SPEAKERS: ECB Elderson, BoE Haskel, Cunliffe, Fed Williams, Barkin.

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