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Likely tested the 2.40% mark

BUNDS
  • The German Bund remains underpinned despite fading from its overnight high, which suggested a print to 2.40% support in Yield, equated to 132.90 Yesterday, printed a 132.91 high overnight.
  • German Retail Sales beat expectations and was revised higher, but not normally a market mover, and Bund actually went bid on the release.
  • Risk remains tilted to the upside and resistance is at today's high, 132.91. Support moves up to 132.19 initially.
  • Eurex spreads should start to pick up today post EU data.
  • Today on the data front sees, France prelim CPI, final GDP, PO/IT/EU prelim CPIs, Portugal final GDP, US IJC/PCE core deflator, MNI Chicago PMI. SUPPLY: Portugal holds a buyback, won't impact Bund.
  • SPEAKERS: More speaker are scheduled for Today, ECB Lagarde, Panetta, Nagel, BoE Greene, Fed Williams.
  • BoE will release its decision panel survey.
  • Desks will also closely be watching the OPEC+ meeting.

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