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Supply and Fed Powell in focus

BUNDS
  • The German Bund remains elevated, asides from showing that it is down 11 ticks post Cash open, it is still trading within that initial area of interest, the wide 131.15/131.52 gap, managed a 131.39 Yesterday.
  • Resistance is at 131.52, and continuation through the latter would open to 132.02.
  • Initial support will be seen at Yesterday's low of 130.74.
  • There are no notable data out of Europe nor the US for Today, the main event is of course US Fed Powell before the Senate.
  • SUPPLY: Besides Powell, focus will be on Supply, Netherlands green €2bn 2044 (equates to 28.6k Bund) could weigh, Austria green 2029, 2044, US sells $58bn of 3yr notes.
  • SYNDICATION: EU 5yr Benchmark, 2054 Tap.
  • SPEAKERS: ECB Panetta, Cipollone, Fed Powell, Barr, Bowman.

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