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Heavy Italian supply today

BUNDS
  • Bund sees some early fade pre and into the cash open, lost around 15 ticks, but remains well within its 27 ticks overnight range.
  • The contract remains offered after finding some support in Yield at the 2.60% mark on Wednesday.
  • Next support in Bund is at 129.50, while resistance moves down to 130.25.
  • There's no Tier 1 data out of Europe, Italian IP is unlikely to be a market mover, more focus on the US prelim Michigan today.
  • SUPPLY: Italy 26, 30s, 38 and 53 (equates to combined 63.1k) will weigh into the bidding deadline.
  • SPEAKERS: ECB Lagarde, Nagel, Fed Logan, Bostic, Daly.

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