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Remains below pre US NFP levels

BUNDS
  • Bund has continued to unwind since the US ISM services on Friday, Yesterday saw some short cover and some shorter term Squaring ahead of a much lighter week on the Data front.
  • German IP was a beat, but the German import was a miss, although the latter was revised higher, still it provided a 20 ticks jump higher in Bund, which was quickly reversed.
  • The contract is back below pre NFP level, pretty much where it opened Yesterday, while US TYU4 is still short of those levels, was trading around 113.00.
  • Support in Bund is now at 134.32 (gap), followed by 133.77.
  • Resistance comes at 135.88, followed by the 136.55 area (equates to 2.05%).
  • There's not Tier 1 data scheduled for the session.
  • SUPPLY: UK sells £4bn of 2029 (would equate to 19.8k Gilt) should have limited impact, German 2038, 2041 (equates combined to 24.1k Bund) should have limited impact on German Govies, US sells $42bn of 10yr Notes.
  • SPEAKERS: Fed Collins in Rhodes, but will not deliver remarks.
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