September 03, 2024 06:26 GMT
Remains under pressure
BUNDS
- Bund might be few ticks in the green going into the European session, post Cash open, but the contract remains under considerable pressure, with some decent selling interest emerging post the unofficial EU close on Friday, also witnessed in Treasuries.
- Yesterday saw some continuation, albeit in tighter ranges with the US out.
- Volumes are elevated, but all spread related, now ~75% of the front Month volume in Bund is roll related, and expect for this to pick up as desks look to roll ahead JOLTs, ADP, IJC, ISM and NFP, starting Tomorrow with JOLTS.
- Next support in Bund comes at 133.06, while resistance moves down to 133.66.
- There's no tier 1 data for EU and the US for today.
- SUPPLY: Austria 10s, 50s, Germany €4.5bn Schatz (Equates to 48.4k Schatz) should weigh).
- SPEAKERS: BoE Breeden, ECB Nagel.
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