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The German 10yr Yield traded close to 2.70%

BUNDS
  • Bund has been just short of testing the next Yield level of 2.70% overnight, equated to 128.80 Yesterday, and printed a 128.84 low overnight where it so far found support ahead of the Cash open.
  • Bond Futures have been under pressure as the street continue to discount the number of cumulative cuts from the major central Banks, especially post the June expected cut from the ECB.
  • German, UK, and French 10yr Yields all printed new 2024 high.
  • Immediate support for Bund will be at the 128.80 area, while resistance moves down to circa 129.63.
  • On the data front out of Europe, we'll see Spain prelim CPI, and out of the US, 2nd reading for reading GDP and core PCE price index.
  • US IJC and prelim Wholesales are also due.
  • SUPPLY: Italy 2029s, 2034 (equates combined 55.6k BTP) should weigh into the bidding deadline, the 2029, 2032 floating Bonds won't impact BTPs, Finland 2026, won't impact Bund.
  • SPEAKERS: Fed Williams, Logan, {eu} ECB Makhlouf.

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