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Leaning steeper on the open

BUNDS
  • Bund is finding support ahead of yesterday's low at 173.40, after the contract fell 162 ticks yesterday afternoon.
  • Some profit locking has been favoured, with attention turning to the US CPI tomorrow.
  • Initial support is seen at 173.35 20-day EMA.
  • The move lower in the long end has allowed the German 5s/30s to steepen and move off the flattest level printed yesterday since March 2020, printed 48.343.
  • Next support is at the 20/03/20 low 46.040, now at 53.717.
  • Today sees very little on the calendar, US IJC is no longer a market mover, and US Wholesale Inventory. will be final reading
  • SUPPLIES: US 30yr $22bn
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