BUNDS: Heavy Italian supply, US Supply, PPI and IJC are in focus Today
Mar-13 07:21
- The German Bund has recovered exactly 100 ticks from this Week's low of 126.53, printed a 127.53 high overnight.
The 2.95% Yield held, printed a 2.94% high, as some investors looked to park Cash. - The initial support moves up to today's low of 127.13, while 2.95% is the more important area to watch next, equated to circa 126.49 Yesterday.
- Next resistance is now a little further out, up to 128.33.
- US PPI and IJC are the only notable Data for the session.
- SUPPLY: Supply will be in focus Today, fairly heavy for Italy: Italy €4bn 2028 (equates to 51.4k short 2yr BTP) will weigh, Italy 2031, 2033, 2054 (equates combined 47k BTP) will weigh. US sells $22bn of 30yr reopening.
- SPEAKERS: ECB Rhen, Guindos, Vujcic, Makhlouf, Holzmann, Villeroy, Nagel, but expect similar rhetoric given the Tariff Risks uncertainty going forward.
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BUNDS: Heavy suppply and Fed Powell are in focus Today
Feb-11 07:17
- There's very little change for Bund, although the overnight session sees a slightly wider range, volumes on both sides of the Atlantic are on the low side.
- Bund and Tnotes are offered, after Trump ordered a 25% Tariff on all Steel and Aluminium Imports, but the German contract remains within the Initial support of 132.72 and resistance at 133.86.
- For the US 10yr, TYH5 is testing trendline right here at 109.03, although most desks will look for immediate support at 109.01, the fast market printed low, post NFP.
- This is a lighter Week on the Data front, with the US CPI (Wednesday) the key release, and for the UK, GDP (Thursday).
- There's no notable Data due for today.
- BoE Mann gave an Interview with the FT Yesterday, so today could be a lesser event, attention will be on Powell who testifies at the Senate.
- SUPPLY: Early focus will be on supply in Europe and later in the US, Netherlands €2bn 2047 (equates to 30.3k Bund) should weigh, Germany €5bn Bobl (equates to ~47.5k Bobl) will weigh. US Sells $58bn of 3yr Notes.
- SYNDICATION: EU 2031 Tap/2050 Green, Italy 2040, UK 2035.
- SPEAKERS: BoE Mann, Bailey, Fed Powell, Hammack, Williams, Bowman, ECB Schnabel.
MNI: NORWAY Q4 MAINLAND GDP -0.4% Q/Q
Feb-11 07:07
- MNI: NORWAY Q4 MAINLAND GDP -0.4% Q/Q
NORWAY: Q4 Mainland GDP Much Weaker Than Expected
Feb-11 07:03
Mainland GDP at -0.4% Q/Q was quite a bit weaker than both consensus and the Norges Bank December MPR projections of 0.3% Q/Q. Further details to follow.
- NOSEK is around 10 pips below pre-release levels at typing.
- A 25bp Norges Bank cut in March has already been well-signalled, but the weak reading may have dovish implications for the rate path further out the curve.
