February 11, 2025 07:17 GMT
BUNDS: Heavy suppply and Fed Powell are in focus Today
BUNDS
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- There's very little change for Bund, although the overnight session sees a slightly wider range, volumes on both sides of the Atlantic are on the low side.
- Bund and Tnotes are offered, after Trump ordered a 25% Tariff on all Steel and Aluminium Imports, but the German contract remains within the Initial support of 132.72 and resistance at 133.86.
- For the US 10yr, TYH5 is testing trendline right here at 109.03, although most desks will look for immediate support at 109.01, the fast market printed low, post NFP.
- This is a lighter Week on the Data front, with the US CPI (Wednesday) the key release, and for the UK, GDP (Thursday).
- There's no notable Data due for today.
- BoE Mann gave an Interview with the FT Yesterday, so today could be a lesser event, attention will be on Powell who testifies at the Senate.
- SUPPLY: Early focus will be on supply in Europe and later in the US, Netherlands €2bn 2047 (equates to 30.3k Bund) should weigh, Germany €5bn Bobl (equates to ~47.5k Bobl) will weigh. US Sells $58bn of 3yr Notes.
- SYNDICATION: EU 2031 Tap/2050 Green, Italy 2040, UK 2035.
- SPEAKERS: BoE Mann, Bailey, Fed Powell, Hammack, Williams, Bowman, ECB Schnabel.
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