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The contract remains under pressure on the cash open

BUNDS
  • A subdued overnight session for Bund, German small upside revision for final GDP, had little impact.
  • The contract still trades at its lowest levels since the 21st, and initial support is still seen around 149.87, which equates circa 1.40% in Yield.
  • Resistance is at 151.03, did print a 151.06 high yesterday.
  • Today sees French Manufacturing confidence, German IFO, and on the other side of the Pond, US 2nd reading for GDP and Core PCE.
  • Main focus will be on the ECB minutes (Account).
  • SUPPLY: Italy EU2.5bn 2024 (equates to 18.3k short BTP).
  • SPEAKER: Tuomas Valimaki speaks on the European economy and monetary policy

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