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Italian supply is the early focus

BUNDS
  • Bund remains under pressure despite the small bid appearing following the lower revised final German GDP on the cash open, was worth a 14 ticks push higher, but lacked momentum.
  • Support is still at 133.50 initially, did print a 133.46 low yesterday, followed by 133.10.
  • Resistance is at 134.68.
  • There's no tier 1 data left for Europe and out of the US, sees 2nd reading for GDP and Core PCE.
  • ECB publish 2022 annual report.
  • SUPPLY: Italy EU2.75bn 2025 (Equates to 22.7k short 2yr BTP) should weigh, US sells $35bn of 7yr notes.
  • SPEAKERS: ECB Guindos, Nagel, Villeroy, Centeno, de Cos, Fed Barkin, Collins, BoE Haskel.

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