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Ticking lower post cash open

BUNDS
  • There's very little change for Bund going into a quieter start week on the Data front, although the main focus will be on Friday, which will be the key day this week for Data, includes, France, Italy, Spain, Portugal prelim CPIs, ECB CPI expectations, US PCE core deflator, MNI chic PMI.
  • Support in Bund remains at 131.97, held last week and printed a 132.02 low.
  • Small resistance moves down to 132.94, but better is seen at 133.21 followed by the 133.48 area, equates circa the April low in 10yr Yield.
  • The only notable data release for today is the German IFO, and there's no tier 1 release out of the US.
  • SUPPLY: EU €2.5bn 2026 (equates to 26.9k Schatz) should have limited impact, and EU €2.5bn 2034 (equates to 20.6k Bund) should have no impact.
  • SPEAKERS: ECB Nagel, Villeroy, Schnabel, but unlikely to deviate from the data dependency.

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