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COMMODITIES

Gold Inching Toward Bull Trigger

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  • US Treasury curve has flattened as the contracts continue to consolidate the post Fed sell off.
  • US curve is once again bull flatter, as Treasuries saw sudden spike higher, during the early European session.
  • There were no clear driver given the lack of new news, but desk reported some short cover ahead of the weekend.
  • Resistance in TY moves down to 132.14+ (printed a 132.11 high).
  • But we are still short of the Wednesday's high at 132.20+.
  • Looking ahead, there are no US data on the calendar, while Fed Pres Bullard will be interviewed on CNBC
  • 2y yields unch today at 0.211%- 5y yields down -1.6bp today at 0.866%
  • 10y yields down -2.1bp today at 1.486%
  • 30y yields down -2.3bp today at 2.072%
  • 2s10s down -2.1bp today at 127.5bp
  • 10s30s down -0.2bp today at 58.6bp