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US TSYS: Busy Data, Treasury Auction Schedule Ahead

US TSYS
  • Treasuries are looking modestly lower to start the new week, Christmas markets keeping volumes light (TYH5<175k). Early close Tuesday for Christmas Eve (1315ET), Wednesday full close for Christmas (Globex re-open at 1800ET), full sessions Thursday and Friday.
  • Off last week's lows, the Mar'24 10Y contract currently trades -2.5 at 108-28.5, initial technical support at 108-16+ Low Dec 19 followed by 108-12+ (1.382 proj of the Oct 1 - 14 - 16 price swing).
  • The trend condition in Treasury futures remains bearish and short-term gains are considered corrective. Last week’s sell-off reinforces the current bear cycle. Current 10Y yield +.0141 at 4.5363%, curves mildly steeper with 2s10s +.766 at 21.538, 5s30s +.024 at 34.387.
  • Busy data and auction schedule ahead: Building Permits, Durable/Cap Goods and Chicago Fed Nat Activity Index at 0830ET; New Home Sales and Conf. Board Consumer Confidence at 1000ET.
  • Shoe-horning in the Treasury supply with five auctions today: $81B 13W & $72B 26W bills at 1000ET; $48B 52W & $65B 42D CMB auctions at 1130ET; $69B 2Y notes (91282CME8) at 1300ET.
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  • Treasuries are looking modestly lower to start the new week, Christmas markets keeping volumes light (TYH5<175k). Early close Tuesday for Christmas Eve (1315ET), Wednesday full close for Christmas (Globex re-open at 1800ET), full sessions Thursday and Friday.
  • Off last week's lows, the Mar'24 10Y contract currently trades -2.5 at 108-28.5, initial technical support at 108-16+ Low Dec 19 followed by 108-12+ (1.382 proj of the Oct 1 - 14 - 16 price swing).
  • The trend condition in Treasury futures remains bearish and short-term gains are considered corrective. Last week’s sell-off reinforces the current bear cycle. Current 10Y yield +.0141 at 4.5363%, curves mildly steeper with 2s10s +.766 at 21.538, 5s30s +.024 at 34.387.
  • Busy data and auction schedule ahead: Building Permits, Durable/Cap Goods and Chicago Fed Nat Activity Index at 0830ET; New Home Sales and Conf. Board Consumer Confidence at 1000ET.
  • Shoe-horning in the Treasury supply with five auctions today: $81B 13W & $72B 26W bills at 1000ET; $48B 52W & $65B 42D CMB auctions at 1130ET; $69B 2Y notes (91282CME8) at 1300ET.