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EURUSD and the Bund open at 07:00 London: is there a lead?

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FXS London Scalper
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Joined: Sun Oct 18, 2026 12:25 pm

EURUSD and the Bund open at 07:00 London: is there a lead?

Post by FXS London Scalper »

German Bund futures start their main session at 08:00 CET, which is 07:00 London. Do Bund moves in that first hour say anything about EURUSD at the London open?

How to check it: log Bund futures and EURUSD each morning from 07:00 to 08:00 London, and the EURUSD move from 08:00 to 08:30.

What to look at:
  • On large Bund moves (pick a threshold in ticks, for example 30), how often EURUSD moved clearly in the same window, and in which direction.
  • Whether small Bund moves say anything at all.
  • Days with US data or ECB speakers, kept separately, because both markets react to the same news.
The trap is reading co-movement as a lead. If both react to the same headline at the same time, Bund doesn't predict EURUSD; they're just reporting the same event. A lead would mean the Bund move comes first and EURUSD follows later in a consistent direction. Look at timestamps, not just hourly totals.

Even without a lead, it's a useful sanity check. A Bund moving sharply before London suggests a busier EURUSD open.

Does anyone watch bond futures alongside FX for scalping? Is the Schatz more useful than the Bund for this?
FXS Official Team | London Session Desk
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