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Small gap to fill

BUNDS
  • A fairly subdued overnight trading session for Bund, stuck in a 10 ticks ranges (171.86/171.96) and with circa 8k lots traded.
  • The contract remains fairly subdued on the cash open, albeit better offered, but we are still at the upper end of this week's range, following the US CPI miss yesterday afternoon.
  • Outlook is nonetheless unchanged, tilted to the downside and we did test initial yield target at 171.34, printed 171.33 low yesterday.
  • The 171.35/171.30 is still the area to watch, but worth noting the small opening gap up to 171.98, which should get filled, given the lack of supplies for today.
  • Very little left on the calendar in terms of data for today, French and Italian CPI are final readings.
  • On the other side of the Atlantic, US IP is the notable release.
  • SUPPLEIS: UK 2031 £2.5bn (Equates to 22.9k Gilts)
  • SPEAKERS: ECB Schnabel and Lane
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