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UK Speakers will be at the forefront today

BUNDS
  • There's very little change in Bund, still trading within the resistance of 131.52 (gap), and initial support at 130.74 (Monday's low), with Powell out of the way, main focus remains on the US CPI due Thursday.
  • For today out of Europe, only sees Portugal final CPI, and there's no real notable data out of the US, Wholesales Inventory will be final reading.
  • SUPPLY: German 2036, 2038 (Equates combined 18.4k Bund) should have no impact on the contract. US sells $39bn of 10yr re-opening.
  • SPEAKERS; Main focus will be on the UK, BoE Pill, Mann due to speak later today, with desks looking for any Dovish tilt.
  • With the Election results out of the way, there has been some very large Option rate play via Sonia of late, with some desks looking for an aggressive 50bps cut in August.
  • Other speakers include, ECB Nagel, US Fed Powell, Goolsbee, Bowman, but unlikely to hear anything new from the ECB and Fed speakers.

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