UK DATA: Construction PMI in line with consensus, but still a concern
Apr-04 08:36
UK construction PMI picked up a little above last month's low and came in broadly in line with conse...
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BUND TECHS: (M5) Key Support Remains Exposed
Mar-05 08:32
- RES 4: 132.80 High May 5 and a key resistance
- RES 3: 132.56 High Feb 28 and a key resistance
- RES 2: 131.95 High Mar 4
- RES 1: 130.40/130.88 Low Feb 19 / Low Mar 3
- PRICE: 129.75 @ 05:53 GMT Mar 5
- SUP 1: 128.77 Intraday low
- SUP 2: 128.68 1.618 proj of the Feb 5 - 19 - 28 price swing
- SUP 3: 128.33 1.764 proj of the Feb 5 - 19 - 28 price swing
- SUP 4: 128.00 Round number support
Bund futures have gapped sharply lower today and price action is likely to remain volatile. The contract has pierced a key support at 129.41, the Feb 14 low. A clear break of this level would confirm a resumption of the downtrend and pave the way for a move towards 128.68, a Fibonacci projection. Moving average studies on the continuation chart are in a bear-mode position, highlighting a dominant downtrend. Resistance is at 130.40, the Feb 19 low.
US TSY OPTIONS: TY Upside Structure Trades
Mar-05 08:30
Latest block trade lodged at 07:56:12 London/02:56:12 NY:
- 20K TYJ5 112.50 calls vs. 30K TYJ5 109.75 puts, structure trades at 0-11, looks like a seller of the puts & buyer of the calls.
- Covered via selling 11.5K TYM5 at 110-31+.
EGB SYNDICATION: German 30-year syndication: Books open
Mar-05 08:29
- Guidance: 2.50% Aug-54 Bund (DE000BU2D004) MID +4bp area
- Size: EUR benchmark (MNI had expected E6bln similar to last year, but very uncertain given market conditions and could be as small as E3-4bln).
- Maturity: 15 August 2056
- Coupon: Long first
- Settlement: 12 March 2025 (T+5)
- ISIN: DE000BU2D012
- Timing: Books open / today's business
- Bookrunners: Barclays / BofA / Commerzbank / Deutsche Bank / Morgan Stanley (DM/B&D)/ NatWest
From market source
