Norwegian June inflation is due at 07:00BST / 8:00CET. Consensus and the Norges Bank see CPI-ATE at 3.6% Y/Y (vs 4.1% prior).
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EURGBP has started the week on a bearish note and has cleared support at 0.8484, the May 29 low and bear trigger. This confirms a resumption of the downtrend and signals scope for a continuation lower near-term. Sights are on 0.8408 next, the Aug 24 ‘23 low. 0.8453, the 76.4% retracement of the Mar 7 ‘22 - Sep 26 ‘22 bull cycle has been tested, a break would reinforce the bearish theme. Resistance is at 0.8525, the 20-day EMA.
Germany, France, Spain, Belgium and Italy are all due to sell bills this week. We expect issuance to be E22.2bln in first round operations, down from E24.1bln last week.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
The trend condition in Schatz futures remains bearish and recent short-term gains are considered corrective. Moving average studies are in a bear-mode set-up, highlighting bearish market sentiment. Resistance to watch is 105.460, the Jun 4 and 5 high. For bears, a continuation lower would refocus attention on key support and the bear trigger at 105.110, the May 24 low. A break would resume the downtrend.