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Underpinned on the open

BUNDS
  • Although Bund gapped lower overnight, the contract has found a bid and is supported/underpinned following the German NRW data print earlier.
  • Bund tested last week's high at 129.12, printed a 129.19 high so far today.
  • Main next upside target is seen at 129.75 (gap).
  • In terms of Technical, next level is at 129.44 (50 day EMA).
  • Small support moves up to 128.61 initially, followed by Friday's low at 128.31.
  • Looking at Month End extensions, these should have limited impact in Govies, with Bloomberg expectations at +0.06yr for the US, +0.07yr for the EU, and 0.00yr for the UK, small/ average for US and the EU and a non event for the UK.
  • Today sees, German Regional/National CPI and GDP, Spain prelim CPI, and no Tier 1 data out of the US.
  • SPEAKERS: ECB Simkus, Guindos.

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