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Targets next resistance on tthe cash open

BUNDS
  • Bund stays underpinned, following the poor set of growth data Yesterday, but trades in a tight range overnight as Europe comes in.
  • Next upside resistance is at 132.91, followed 133.45.
  • Support moves up to 131.91 initially.
  • The contract also ignores the pullback in inflationary Gas price which are down 18.6%, back at the level seen before the Australian strike risk.
  • There's no tier 1 data out of Europe, focus will be on the US with IJC and prelim Durable Goods.
  • SUPPLY: US sells $8bn of 30yr TIPS re opening, won't impact Treasuries.
  • SPEAKERS: Fed Harker (voter) and Collins (non voter).

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