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Leaning bull flatter on the cash open

BUNDS
  • Bund has consolidated, helped by a small bid in JGB overnight, the latter led by NZD rates.
  • Nonetheless, Bund outperform as we retrace from the initial technical yield area at -0.210%, which equates circa 170.41, printed 170.56 low yesterday.
  • Likely more position squaring could be at play for today, ahead of the US holiday, and flows will be dominated by rolling positions into March, taking advantage of the liquidity.
  • The session is packed with Data, with some second reading for the US. Most notable one, will be US PCE core deflator for October.
  • This will be followed by the FOMC minutes,
  • SUPPLIES: German EU2bn 15yr (Equates to 19.5k Bund), should have limited impact.
  • SPEAKERS: ECB Panetta, Schnabel BoE Tenreyro, but unlikely to learn anything new.
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