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Italian supply will be the early focus

BUNDS
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  • Very little change for Bund, the contract managed to close Yesterday's small opening gap to 131.35, printed a 131.36 high overnight.
  • This remains, followed by 131.87.
  • Supports move down to the 130.66/130.50 area, where it was trading pre NFP, and last Friday's low.
  • The UK GDP beat was worth a 4 ticks move lower, which was quickly reversed, with the German 10yr back above pre UK Data level.
  • It's another quieter day on the data front, Italian IP won't be a real market mover, so more focus on the US Prelim Michigan and its Inflation components this afternoon.
  • ECB will be releasing its account of the April meeting today, given Yesterday's European Bank Holiday.
  • SUPPLY: Early focus will be on the Italian supply, 2027s (equates to combined 35.4k short 2yr BTP) should weigh into the bidding deadline, 2031, 2047 and 2072 (equates combined to 49.3k BTP) should weigh.
  • SPEAKERS: ECB Cipollone, Elderson, BoE Pill, Dhingra, Fed Bowman, Logan, Kashkari (x2), Goolsbee (x2), Barr.
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  • Very little change for Bund, the contract managed to close Yesterday's small opening gap to 131.35, printed a 131.36 high overnight.
  • This remains, followed by 131.87.
  • Supports move down to the 130.66/130.50 area, where it was trading pre NFP, and last Friday's low.
  • The UK GDP beat was worth a 4 ticks move lower, which was quickly reversed, with the German 10yr back above pre UK Data level.
  • It's another quieter day on the data front, Italian IP won't be a real market mover, so more focus on the US Prelim Michigan and its Inflation components this afternoon.
  • ECB will be releasing its account of the April meeting today, given Yesterday's European Bank Holiday.
  • SUPPLY: Early focus will be on the Italian supply, 2027s (equates to combined 35.4k short 2yr BTP) should weigh into the bidding deadline, 2031, 2047 and 2072 (equates combined to 49.3k BTP) should weigh.
  • SPEAKERS: ECB Cipollone, Elderson, BoE Pill, Dhingra, Fed Bowman, Logan, Kashkari (x2), Goolsbee (x2), Barr.