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Back To Post-Housing Starts Lows Amidst Thin Volumes

US TSYS
  • Treasuries have cheapened across the curve in recent trading, back to levels seen after stronger than expected US housing starts.
  • As such it shifts back to a twist rather than outright bull flattening, ranging from 1bp cheaper to 1bp richer with a pivot after 7s.
  • We don’t see clear drivers for the move, continuing a session that has seen two-way trade.
  • TYH4 at 112-13 is also back at post-starts lows but remains above overnight levels, with volumes subdued at 800k. Technical trends point to a bullish signal that highlights resistance at 112-28+ and 113-12+ (Fibo projection points).
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