EUROPEAN INFLATION: Swiss CPI Preview - Final Print Ahead Of March SNB

• RES 4: 6162.28 High Jan 24 and a key resistance    
• RES 3: 6057.75 Low Jan 31 and a gap high on the daily chart 
• RES 2: 6021.01 50-day EMA 
• RES 1: 5982.50 Intraday high              
• PRICE:5949.75 @ 06:31 GMT Feb 3 
• SUP 1: 5935.50 Intraday low          
• SUP 2: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
• SUP 3: 5842.50 Low Jan 14 
• SUP 4: 5809.00 Low Jan 13 and a key resistance 

The S&P E-Minis contract has started the week on a bearish note. The gap lower today and breach of support at 5948.00, the Jan 27 low, strengthens a bearish threat and cancels - for now - a recent bullish theme. An extension down would open 5892.37, a Fibonacci retracement point. Initial resistance is at 6057.75, the Jan 31 low and a gap high on the daily chart. Clearance of this level would reinstate a bullish theme.

Germany, the Netherlands, France, Spain, Belgium, the ESM and the EU are due to sell bills this week. We expect issuance to be E30.1bln in first round operations, up from E19.3bln last week.

• This morning, Germany will sell E2bln of the 6-month Aug 20, 2025 bubill.
• Also this morning, the Netherlands will issue E1.0-2.0bln of the 4-month May 28, 2025 DTC and E1.0-2.0bln of the new 6-month Jul 30, 2025 DTC.
• This afternoon, France will come to the market to sell up to E7.2bln of the 14/23/25/51-week BTFs:  E2.2-2.6bln of the new 14-week May 14, 2025 BTF, E0.1-0.5bln of the 23-week Jul 17, 2025 BTF, E1.5-1.9bln of the 25-week Jul 30, 2025 BTF and E1.8-2.2bln of the 51-week Jan 28, 2026 BTF.
• Tomorrow morning, Spain will sell the 6-month Aug 8, 2025 letras and the new 12-month Feb 6, 2026 letras. The size will be announced on Monday.
• Also tomorrow, Belgium will look to sell E2.2-2.6bln of 3/6/11-month TCs: an indicative E0.8bln of the 14-week May 8, 2025 TC, an indicative E0.8bln of the 28-week Aug 14, 2025 TC and an indicative E0.8bln of the Jan 15, 2026 TC.
• Also tomorrow, the ESM will issue up to E1.1bln of the new 3-month May 8, 2025 bills.
• Finally on Wednesday, the EU will come to the market to sell up to E1.5bln of the 3-month May 9, 2025 EU-bill, up to E1.5bln of the new 6-month Aug 8, 2025 EU-bill and up to E1.5bln of the new 12-month Feb 6, 2026 EU-bill.

For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.