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Soft NRW state CPI pushes Bund futures 80 ticks higher

GERMAN DATA
  • National CPI (not HICP) for Germany is expected to come in at -0.2%M/M. However, the first State CPI print from NRW has fallen -0.8%M/M.
  • This has pushed Bund futures over 80 ticks higher from around 140.20 prior to the release to above 141 at writing.
  • Our technical analyst notes that Bund futures remain in an uptrend despite the pullback over the past couple of days and notes that the next resistance comes in at the November 24 high of 142.60. Potential is seen for a climb towards 142.87, the Oct 4 high.

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