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Heavy supply and US CPI

BUNDS
  • There's very little change in Govies and rates futures, with contracts still trading range bound as the street awaits the US CPI release.
  • Bund saw a 10 ticks fall on the better UK Employment and Earning, in very low volumes, which helps exacerbate the moves.
  • Yields are still closer or at 2024 highs, with similar levels in Equities, at record high for the US and multi Years high for Europe.
  • Technicals for Bund are unchanged, support comes at 133.20, followed by 132.89 50.0% retracement of the Oct 4 - Dec 27 bull phase.
  • Resistance is still seen at the 134.00 figure.
  • Today sees German ZEW, but the main focus is on the US CPI today.
  • SUPPLY: UK 10yr Linker (won't impact Gilt), HEAVY Italian 2027 (equates to 45.4k 2yr BTS, or 11.2k BTP) should weigh, Italy 2030s, 2043 (equates combined to 42k BTP) should weigh. Germany EU4bn Bobl (equates to 37.3k Bobl) should weigh into the respective bidding deadlines.
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