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Leans better offered on the cash open


Bund looks better offered, on the cash open, albeit still in a fairly tight range (171.93/172.18).

  • Most will look at yesterday's at 171.93 which we did just test, but initial area of interest is at 171.86-171.80, the 38.2% retrace of the May June rally and last Thursday's low respectively.
  • No tier 1 data of note for today and attention will remain on the packed week full of speakers.
  • ECB Rehn, Lane, Schnable, US Fed Mester, Daly, and Fed Powell testimony on Covid response and the Economy.
  • NOTE: In a written prepared note for his testimony Fed Powell (as per Bloomberg): "Federal Reserve Chair Jerome Powell said inflation had picked up but should move back toward the U.S. central bank's 2% target once supply imbalances resolve.".
  • SUPPLIES: Netherlands EU2bn 2037 (equates to 25.7k Bunds), and US 2yr note.
  • SYNDICATION: Spanish 10yr EUR Benchmarrk

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