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Under early pressure

  • Bund stays under pressure/offered, a continuation since the US Employment report.
  • Volumes are still spread related with expiry on Wednesday.
  • Although not big, the most notable flow is in the red Euribor strip, with above volumes overnight, gaping lower on the open, and extending lows as Bunds break session low on the cash open.
  • Next support in ERM4 is at 96.59.
  • Immediate support in Bund is at 134.99, followed by 134.71 initially.
  • Today sees, Global services PMIs, but final for FR/GE/EU/UK/US, US Factory orders, final Durable Goods, ISM services index.
  • SPEAKERS: ECB Lagarde, Nagel, Fed Mester.

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