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Pushing lower on the cash open

BUNDS
  • Bund drifts lower since the cash open, with US Treasuries weighting on EGBs.
  • Main support is at 129.11, which represented a 12yr high in Yield term.
  • Small resistance moves down to 126.62 (opening gap), followed by 129.87 initially.
  • Today sees, German IFO, and no tier 1 data out of the US.
  • SUPPLY: EU 2034 (Equates to 21k Bund) should have limited impact, EU 2053 (equates to 9.5k Buxl) could weigh.
  • SPEAKERS: ECB Lagarde, Villeroy, de Cos, Schnabel, Fed Kashkari.

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