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Italian Yield stays above the 2023 high.

BUNDS
  • A small upside opening gap for Bund, looking to close it now on the cash open, printed a 128.81 low.
  • Although the contract is off Yesterday's low, we are still trading around the 2.80% mark in Yield.
  • Small support will be at the 128.79 gap, but next area will be circa 128.41, which equated to 2.85% in Yield.
  • Resistance are at 129.30, ahead of 129.62.
  • Most notable flows yesterday were in the BTP, with the 2nd largest traded volume for the December expiry by just 2k lots, as the 10yr Yield breached the 2023 high that was at 4.73%, printed a 4.747% high.
  • There's no tier 1 data out of Europe, and focus on the other side of the Pond will be on the US prelim Durable goods.
  • SUPPLY: UK 50yr (equates to 6.8k Gilt) won't impact Gilt. Germany EU4bn Bund (32.6k Bund) could weigh. US sells $49bn of 5yr notes and $24bn of 2y FRN, only the 5yr will impact Treasuries.
  • SPEAKERS: Fed Kashkari, but unlikely to learn anything new.
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