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Staying elevated going into the EU session

BUNDS
  • Bund, although elevated, the contract still trades just short of Monday's high of 134.62, the initial resistance, printed a 134.55 high on Tuesday and 134.60 high this morning.
  • Main downside drivers Yesterday, were the heavy EU Dutch supply and Corp deals, given the lack of risk events and data, which was followed during the afternoon by some short cover consolidation higher in the US and Europe into the EU close.
  • US 10yr is still seeing some fading ahead of the high printed Yield last week, and ahead of the next key level of 4.20%, as does the 10yr German Yield.
  • Resistance in Bund is at 134.62, followed by 135.09.
  • Support moves up to 134.16, 133.76 and more importantly the 133.45 area (Yield level).
  • There's no Tier 1 data out of Europe, and out of the US, sees US IJC, final Wholesales.
  • SUPPLY: UK £4bn 2027 (equates to 12.3k Gilt) should have limited impact, German €3bn 7yr (equates to 17.4k Bund or 36.4k Bobl) could weigh on Bobl. US sells $42bn of 10yr notes.
  • SYNDICATION: Belgium 30yr.
  • SPEAKERS: BoE Breeden, ECB Muller, {us} Fed Kugler, Collins, Barkin, Bowman, Remache, Nordstrom.
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