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Testing initial resistance

BUNDS
  • Bund continues to test the next initial resistance noted at 132.54, printed a 132.54 high Yesterday and a 132.57 high so far today.
  • German import came above consensus, but this is non market mover, and the contract remains elevated, bid into the cash open.
  • Further push higher for Bund, will eye 132.78 next.
  • Small support moves up to 132.25, followed by 131.54.
  • German IFO is the only notable data for the session, and unlikely to be a big market mover.
  • SUPPLY: Italy €2.75bn 2026 (Equates to 20.7k 2yr Short BTP) could weigh.
  • SPEAKERS: ECB Nagel, Holzmann, Centeno (x2), Nagel, Lane. Fed Powell, Jefferson, Bowman, Barr, Bostic.

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