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Remains under pressure into the Cash open

BUNDS
  • The German Bund remains heavy going into the Cash open, after seeing a decent full reversal of last Friday's rally, falling 127 ticks in what was a gradual pullback throughout the session Yesterday.
  • Although Corp Issuance may have play somewhat a part, looking at durations, it wouldn't fully explain some of the weakness in the long end part of the curve.
  • Overall the short end futures ended up leading lower ahead of the large US 2s, 5s Auctions Yesterday.
  • Desks mostly noted some intraday long cover for some of the pullback, as Prop desks and Locals looked to fade off the multi Months printed high in Yields.
  • Support in Bund is at 132.05, followed by 131.78 (circa 2.5% in Yield).
  • Resistance moves down to 132.80, followed by 133.40.
  • Main focus on the data front for today will be on the US prelim Durable Goods, while the French Consumer Confidence should have a more limited impact.
  • SUPPLY: Netherlands 2024 (equates to 29.4k Bund) could weigh on Bunds, UK 2039 Linkers (won't impact Gilt), German 2050 (Equate to 5k Buxl) should have a limited impact. US sells $42bn of 7yr Notes.
  • SYNDICATION: Slovakia 10yr and France 30yr.
  • SPEAKERS: ECB Elderson, BoE Ramsden, Fed Barr.
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