CONSUMER STAPLES: Carlsberg; Guidance

• Bund is now testing Friday's low of 131.50, and {us} US Tnotes (TYH5) is also seeing some selling interest at the low, just git sold in 3k.
• Further downside in Bund future would see next support at the 131.00 figure.
• The French OAT sees Friday's low at 122.02, so far printed a 122.08 low.
• No Impact in the USDJPY as of Yet, the move in Bonds is very gradual, 1 tick at a time and nothing fast, but still worth keeping an eye on Tnotes.

• In the FI space, the trend in Bund futures is unchanged, it remains bearish. However, the Jan 15 rally highlights a short-term reversal signal - a bullish engulfing candle. It suggests scope for a continued corrective phase that would allow an oversold trend condition to unwind. A continuation higher would open 132.47, the 20-day EMA. The bear trigger has been defined at 130.28, the Jan 15 low, a break would resume the downtrend.
• The trend condition in Gilt futures is unchanged, the direction remains down. However, strong gains last week highlight the start of a corrective phase and if correct, signals scope for a continuation higher near-term. Attention is resistance at the 20-day EMA, at 91.55. This average has been breached, a clear break would suggest scope for a stronger retracement. On the downside, the bear trigger has been defined at 88.96, the Jan 13 low. First support lies at 90.68, the Jan 16 low.

SONIA FIX - Source: BBG/ICE

• 1M 4.60640 -0.0212
• 3M 4.52440 -0.0095
• 6M 4.45260 -0.0062
• 12M 4.36050 0.0061