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A Little Weaker, With PMIs Eyed

US TSYS SUMMARY

Treasuries weakened a little in European hours following an uneventful Asia-Pac session, all well within Thursday's ranges.

  • With no supply or speakers, the only remaining item on the week's schedule is July Flash PMI at 0945ET.
  • Tsy weakness comes alongside equity strength, with S&P eminis nearing all-time highs. Dollar slightly higher too.
  • Sep 10-Yr futures (TY) down 5.5/32 at 134-02.5 (L: 134-01/ H: 134-07), on light volumes (<200k). Note for the 2nd consecutive session, we've had a Japanese market holiday.
  • Our tech analyst highlights first support at 133-26; 135-07 is the Jul 20 high and the bull trigger.
  • Curve is bear steepening slightly. The 2-Yr yield is down 0.4bps at 0.196%, 5-Yr is up 0.5bps at 0.7231%, 10-Yr is up 1.3bps at 1.2914%, and 30-Yr is up 1.4bps at 1.9301%.
  • NY Fed buys ~$6.025B of 4.5-7Y Tsys.
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