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Test overnight high on the cash open

  • A low liquidity overnight session for Bund and Treasuries, lower volumes pre cash open.
  • Although in the red overnight, the contract is already breaching its high and in the Green as Equities unwind their small overnight bids on the Govie cash open.
  • In turn USD is seeing another round of buying in early trade.
  • No real tier 1 data out of Europe, EU Retail sales is the notable one. Out of the US, Services PMI will be final reading, so more focus on the ISM Services Index.
  • Some attention on the FOMC minutes later, but most of the focus is on data and speakers going forward.
  • SUPPLY: German EU5bn Bund (equates to ~35.4k Bund).
  • SPEAKERS: ECB Rehn, BoE Pill, Cunliffe, and Fed Williams.

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