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JGBS

No Immediate Reaction To 40s Auction

JGBS AUCTION

Japanese MOF sells Y599.3bn 40-Year JGBs:

INDIA

State Debt Sale Smaller Than Indicated

JGBS AUCTION

PREVIEW: 40-Year Supply Due

(U0) Bearish Theme Intact

BUND TECHS
  • RES 4: 177.05 Bear channel top drawn off the Aug 5 high
  • RES 3: 176.58 High Aug 27
  • RES 2: 176.33/36 50- and 20-day EMA
  • RES 1: 175.82 High Aug 28
  • PRICE: 175.56 @ 04:50 BST Aug 31
  • SUP 1: 175.06/04 Low Jul 2 / Low Aug 28
  • SUP 2: 174.80 Low Aug Jun 17
  • SUP 3: 174.67 Bear channel base drawn off the Aug 5 high
  • SUP 4: 174.65 61.8% retracement of the Jun - Aug rally

Bund futures maintain a softer tone. Friday saw the contract trade below the former key support at 175.25, Aug 14 low to touch a low of 175.06 before finding some support. The break confirms a resumption of the downtrend that has been in place since early August. The focus is on weakness below 175.00 towards 174.65, a Fibonacci retracement. Resistance is at Thursday's high of 176.58.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com