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Pushing to session low on the cash open

BUNDS
  • There's very little change for Bund and Tnotes, despites some of the swings in the last two sessions, initially weighted by supply, and finding some short term short cover during the early US session on US Local Banks concerns, both Bund and TYH4 are back to their respective 134.00 and 111.00 figure going into the European session.
  • Desks continues to fade ahead of the January highs in 10yr Yields so far this week.
  • Bund stays offered going into the Cash open, testing session low, with initial support coming at 133.76, but most will look at 2.372% January high in 10yr Yield (equated around 133.47 Yesterday).
  • Resistance noted at 134.62 has held Yesterday, printed a 134.60 high, this remains, followed by 135.09.
  • It's another quieter session on the data front, with no Tier 1 release in Europe.
  • ECB will publish its Economic bulletin.
  • On the other side of the Atlantic, US IJC can always provide a few Algo moves, while Wholesales Inventory will be final reading.
  • SUPPLY: US Sells $25bn of 30yr Notes.
  • SPEAKERS: ECB Vujcic, Wunsch, Lane, BoE Mann, Fed Barkin (x2).

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