- European government bonds cloed lower in yesterday's session giving up some of their recent gains. - In focus today will be the release of German factory orders for the month of January, which are seen rising to 0.4% m/m, and 6.7% y/y. - Over in the UK gilts closed slightly lower after poor auction results after the DMO sold £2.25B in 4.25% 2027 gilts with an average yield of 4.449% and a bid-to-cover of 1.52. - With no economic numbers, no speakers, and no new supply scheduled, the focus today is likely to fall upon technical trading, and comments from FED members later on during the day. - Overnight Nation wide consumer confidence for the month of February rose to 85 from 84 in January, above esitmates of 82. - Note that today is the last day of trading for the March Euro-Bobl, Euro-Bund, and Long Gilt futures contracts. Contracts roll to June tomorrow.