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Heavy early supply

BUNDS
  • Very little changed for Bund and despite a tiny small gap higher, the 10yr Yield is still closer to its highest level since the start of December.
  • Risk in futures remains to the downside, with support still eyed circa 132.58, followed by ~131.90 (2.50% in Yield).
  • Resistance will at 133.15, Yesterday's high.
  • There's no real tier 1 data for the session, ECB releases current account and Publishes Euro-Area Indicator of negotiated Wage rates.
  • SUPPLY: Heavy supply with UK £1.75bn 2063 (equates to 32.3k Gilt) should weigh, German €5bn 2yr Schatz (equates to 54.1k Schatz) should weigh, Finland 2029, 2033 (won't impact Bonds).
  • SYNDICATION: EU 10yr Benchmark.
  • SPEAKERS: BoE Bailey, Broadbent, Dhingra, Greene testify.

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