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Attention on US ADP and Fed speakers

US TSYS SUMMARY

US Treasuries have dislocated against EGBs during our European morning session, with EGBs higher and taking their cue from the EUR sell off.

  • Treasuries have drifted lower, as Equity futures saw better buying led by Etoxx, on the hope of more stimulus in the EU and the lower EUR benefiting exporters.
  • US curve is bear flatter on the margin, but Tnote have been confined in a limited range (139.09-139.14, low/high).
  • Looking ahead, ADP will get some attention ahead of NFP tomorrow.
  • U.S. Releases Fed Beige Book.
  • Fed speakers scheduled are Williams, Mester and Daly,
  • 2y yields up 0.5bp today at 0.138%
  • 5y yields up 1.3bp today at 0.267%-
  • 10y yields up 2.1bp today at 0.691%
  • 30y yields up 2.3bp today at 1.444%

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