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Bull Flatter Amidst Strong Volumes, Further Notable Labor Data Ahead

US TSYS
  • Cash Treasuries trade bull flatter with major benchmarks 0.2bp to 4bp richer as the front end currently sits within yesterday’s highs but the belly onwards has pushed higher. The flattening sees 2s10s at -23.5bps (-3bps) for levels last seen on Oct 24/25.
  • TYZ3 at 107-13 trades at the high end of a relatively narrow overnight range amidst high cumulative volumes of 515k. It marks a 17+ tick increase on yesterday’s settle but much less of an increase from the Globex close. The increases are deemed corrective, with resistance at 107-22+ (Oct 16 high) after which lies 108-02 (50-day EMA).
  • Data: Challenger job cuts Oct (0730ET), Weekly jobless claims (0830ET), Nonfarm productivity and ULCs Q3 (0830ET), Factory orders Sep (1000ET)
  • Fed: St Louis Fed’s interim president Paese opening remarks (1830ET) but shouldn’t contain any policy relevant topics.
  • Bill issuance: US Tsy $95B 4W, $85B 8W bill auctions (1130ET)
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