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Has broken through the 137.55 support

BUNDS
  • Bund and Treasuries have moved lower overnight, with Bund gaping lower, and has extended lower into the cash open.
  • The contract has broken through the 137.55 support, which held for the past 8 sessions.
  • Tokyo CPI rose, which will reinforce YCC changes.
  • The IMF also suggested Yesterday that the BoJ should consider Yield flexibility.
  • Moves in Binds have been exacerbated by the lower liquidity, although these have been the best overnight volumes this week during the Chinese Lunar year, albeit still way below averages.
  • Next Bund support is seen at the 137.00 figure and resistance moves down to 137.84 (gap).
  • This morning sees, Spain prelim GDP, but main focus will be on the US, with PCE core deflator and Personal income/Spending.
  • US Michigan will be final reading.
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