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BUNDS: New Tariff Threats

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • A far more subdued session for Bund overnight following two decent trading sessions Volume-wise, the German Yield will still be around that 2.50% Yield, we noted that this was circa 131.97 this past Week.
  • The UK mixed CPI was initially worth a 10 ticks dip in Bund, but off the low post Cash open.
  • US Treasuries have seen similar light, tight flow, with multi cross assets brushing aside the latest Tariff threats from President Trump, vowing to impose around 25% tariffs on Automobile, Semiconductor and Pharmaceutical imports, to be announced as soon as the 2nd April.
  • As such, even the US Tnotes (TYH5) Trades in a super tight 3 big ticks range.
  • Next support in Bund is still eyed at 131.62, although much better will be eyed at 131.00.
  • We noted a small resistance moving down to 132.26 Yesterday, this remains untested after printing a 132.13 high Yesterday.
  • A break through the latter, opens to 132.59 20-day EMA.
  • With the UK CPI out of the way, there are no more Tier 1 Data left for the session, focus will be on Supply, and the FOMC today.
  • SUPPLY: UK £4.25bn 2028 (Equates to 13k Gilt) should have limited impact on Gilt, German €4.5bn Bund (equates to 37k Bund) will weigh into the bidding deadline. US Sells $16bn of 20yr.
  • SPEAKERS: Fed Jefferson, {eu} ECB Panetta.
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  • A far more subdued session for Bund overnight following two decent trading sessions Volume-wise, the German Yield will still be around that 2.50% Yield, we noted that this was circa 131.97 this past Week.
  • The UK mixed CPI was initially worth a 10 ticks dip in Bund, but off the low post Cash open.
  • US Treasuries have seen similar light, tight flow, with multi cross assets brushing aside the latest Tariff threats from President Trump, vowing to impose around 25% tariffs on Automobile, Semiconductor and Pharmaceutical imports, to be announced as soon as the 2nd April.
  • As such, even the US Tnotes (TYH5) Trades in a super tight 3 big ticks range.
  • Next support in Bund is still eyed at 131.62, although much better will be eyed at 131.00.
  • We noted a small resistance moving down to 132.26 Yesterday, this remains untested after printing a 132.13 high Yesterday.
  • A break through the latter, opens to 132.59 20-day EMA.
  • With the UK CPI out of the way, there are no more Tier 1 Data left for the session, focus will be on Supply, and the FOMC today.
  • SUPPLY: UK £4.25bn 2028 (Equates to 13k Gilt) should have limited impact on Gilt, German €4.5bn Bund (equates to 37k Bund) will weigh into the bidding deadline. US Sells $16bn of 20yr.
  • SPEAKERS: Fed Jefferson, {eu} ECB Panetta.