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Underpinned post BoJ

BUND SUMMARY
  • A better overnight volume for Bund pre cash open, given the BoJ rate decision, went largely in line with expectations, although the 1% upper bound was referred to as a reference point.
  • This was worth a 37 ticks move for Bund and 9.5 ticks for Tnotes, helped with a block trade of 4.1k at 106.06 in TYZ3.
  • Contracts are underpinned post European Cash Govie open, as Europe joins the session.
  • Bund traded as high as 129.43 yesterday, which desks might look for initial resistance, but upside target is at the 129.75 gap.
  • Support remains at 128.31, Friday's low.
  • Today sees, France, Portugal, Italy and EU prelim CPIs, and MNI Chicago PMI out of the US.
  • SUPPLY: Italy 27s, 29s, 34s (equates combined to 53.4k BTP) should weigh, plus 2028 floating Bond, won't impact BTP.
  • SPEAKERS: ECB de Cos, Visco, Muller, Nagel, Guindos.
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