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PMIs and FOMC minute in focus

BUNDS
  • A tight overnight range for Bund, with the main event of the week on the data front today.
  • Focus is on the PMIs.
  • The contract has dipped a few ticks on the cash open, with Equities but is still underpinned ahead of the data.
  • Resistance in Bund is still at the 1.95% Yield level, not broken since 5th October, and has formed a triple bottom.
  • This level has equated to different futures level, from 141.09 to 140.87/140.93 yesterday.
  • Initial support is at 139.91.
  • Main focus today is on prelim Services PMIs. Also out of the US given the Holiday tomorrow, includes Durable Goods, and Michigan, but final reading for the latter.
  • More attention will be on the FOMC minutes.
  • SUPPLY: German EU1bn 30yr (equates to 6.8k Buxl).
  • SPEAKERS: ECB Guindos, de Cos, Centeno, BoE Pill, while Jeremy Hunt testifies to the Treasury Committee.

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