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Heavy UK supply this Morning

BUNDS
  • There's very little change for Bund with the key data day still awaiting on Friday.
  • The contract remains within that 105 ticks range traded in the past 8 sessions, and Technicals are unchanged.
  • Resistance is still at 132.94, 133.21, and 133.58. while support is still eyed at 131.97, followed by 131.58.
  • There are no tier 1 data scheduled for the session, with the key event on Friday, German Gfk missed expectation on the EU Cash open, but not a known market mover, while French Consumer Confidence is unlikely to move the needle, with the main focus in Europe squarely on the French Elections.
  • ECB publishes Convergence Report, describing the progress made by non-euro area Member States towards achieving the criteria necessary for a country to adopt the euro.
  • SUPPLY: Heavy UK £3bn 2038 supply (equates to 32.8k Gilt) should weigh into the bidding deadline, US sells $70bn 5yr notes and $28bn 2yr FRN reopening, the latter won't impact Treasuries.
  • SYNDICATION: Lithuania 7yr €Benchmark.
  • SPEAKERS: ECB Rehn, Panetta, Lane, Kazaks.

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