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Pushing lower post Cash open

BUNDS
  • A very tight limited overnight range for Bund ahead of a very busy day, given the US 4th July Holiday Tomorrow.
  • The German 10yr futures still trades closer to the next support noted at 130.25 post Cash open to test the intraday low, helped by Treasury sellers just pre EU Cash open, with 3.1k sold in TY, 2.6k in FV and 2.5k in TU, all cumulative volumes.
  • Bund still sees small resistance moving down to 130.85, only managed a 130.76 high Yesterday, followed by 131.52 (gap).
  • Immediate support comes at 130.25, followed by 129.97.
  • It's a very busy day on the Data front, includes final Services PMIs for France, Germany, EU, UK, US.
  • US ADP/IJC/ISM services/price paid, and final durable goods are also due, as well as the FOMC minutes.
  • SUPPLY: German €5bn 10yr Bund (Equates to 42.1k Bund) should weigh into the bidding deadline.
  • SPEAKERS: Final Sintra Forum day, ECB Lagarde, Guindos, Cipollone, Lane, Knot, and Fed Williams.
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