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The Contract remains heavy

BUNDS
  • Bund has seen a small gap higher on the overnight open but is lacking impetus going into the cash open.
  • The German Factory orders had no impact on the contract, despite the massive beat, but not a known market mover.
  • The German 10yr Yield failed to test or break the January high situated at 2.372%, only managing a 2.335% high Yesterday.
  • Small support for the contract moves to 134.08, followed by 133.87 and 133.47, where 2.372% equated to Yesterday.
  • Resistance moves down to 134.65, followed by 135.09.
  • There's very little in terms of Tier 1 data for the session, Italian consumer confidence is unlikely to move the needle, and on the margin there'll be more focus on the ECB CPI expectations. There's no data out of the US, with a lighter week on the other side of the Pond.
  • SUPPLY: Netherlands EU6bn 10yr (would equate to 49.6k Bund) should weigh, UK £2.5bn 2053 (equates to 28.2k Gilt) could weigh, Austria 5s, 10s, US Sells $54bn of 3yr Notes.
  • SYNDICATIONS: Spain and Lithuania.
  • SPEAKERS: Fed Mester (voter), Kashkari (non voter), Collins (non voter).
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