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Main focus on Services PMIs

BUNDS
  • Another subdued overnight session for Bund, and despite being a touch in the red, the contract remains elevated, after pulling back 505 ticks in just 4 sessions, from a 16th June low at 140.67 to a 145.72 high print yesterday.
  • 10yr Yield fell from 1.928% to 1.588%.
  • Small support is at 144.99 (was resistance, now support).
  • Most will look at yesterday's high 145.72 as initial resistance.
  • Main focus today is on European, UK and US Services PMIs.
  • ECB publishes Economic bulletin.
  • SUPPLY: $18bn 5yr TIPS.
  • SPEAKERS: Fed Powell before the house, ECB Nagel and Villeroy.

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