UK: Trade Sec-Consultation w/Business On Retaliatory Tariffs Until 1 May

• Uniform price: 97.96 to yield 2.730%
• Cut-off spread at +25.5 vs the 2.50% Feb-35 Bund (ISIN: DE000BU2Z049).
• (Initial spread guidance was +25.0 to +28.0bps then revised to +25.0 to +26.5bps then to final guidance of +25.5 to +26.0bps).
• Books: E29.455314bln
• Size: E5.999507bln (top of the E4-6bln range as we expected).
• ISIN: NL0015002F72
• Total share allocated to real money:83.73%
• Total share allocated to other: 16.27%
• Allocation at the cut-off spread:
  • Share allocated to real money: 55%
  • Share allocated to other: 54% (reported as 5.4% but assuming that is a typo by DSTA)
• Timing: Books closed at 10:10GMT / 11:10CET

• RES 4: 112-13  1.500 proj of the Jan 13 - Feb 7 - Feb 12 price swing
• RES 3: 112-10   2.0% 10-dma envelope
• RES 2: 112-02  1.382 proj of the Jan 13 - Feb 7 - Feb 12 price swing
• RES 1: 111-28+ Intraday high      
• PRICE:‌‌ 111-17+ @ 11:00 GMT Mar 4 
• SUP 1: 110-00   Low Feb 28 / High Feb 7 and recent breakout point        
• SUP 2: 109-19   50-day EMA and a key near-term support 
• SUP 3: 108-21   Low Feb 19 
• SUP 4: 108-03+ Low Dec 12 and a bear trigger  

Treasury futures have traded to a fresh short-term cycle high today, reinforcing the current bullish condition. The contract has pierced resistance at 111-22+, the Dec 3 ‘24 high. This paves the way for an extension towards 112-02 and 112-13, Fibonacci projection points. Note that the daily trend condition is overbought, a pullback would be considered corrective and allow the overbought set-up to unwind. Firm support is at 110-00, the Feb 7 high. 

ERU5 97.9375/97.8125ps, sold at 4.5 in 10k.