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US NFP/AHE are at the forefront

BUNDS
  • Another pick up in Volumes on the Bund cash open, as the German Factory orders provides a massive beat and some early Algo, Prop, Local selling, albeit off the low.
  • Although Yield is still not quoted, the contract remains under considerable pressure in futures, mainly driven by curve steepeners, as investors look for CBs to pause their aggressive rate paths.
  • US Tnotes (TYU3) has found some support at the July low 110.05 yesterday, printed 110.05+ low Yesterday, with some desks likely positioned for a NFP beat following the ADP beat, although these two data have very little correlation.
  • German weekly options, expiry today, has seen some NFP miss play this week.
  • Support in Bund, is at 131.36, 131.14 and further out, will see the July low at 130.60.Initial resistance is at 131.92, printed a 131.91 high overnight.
  • Main focus is on the US NFP/AHE today, the main event of the week.
  • Ahead of that, out of Europe, sees French and Italian IPs.
  • SUPPLY: Belgium 2034 and 2066, but too small, won't impact Bund.
  • SPEAKERS: BOE Huw Pill speaks to agents regarding the BoE rate decision.
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