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Treasuries Steady, Remain Rangebound Ahead of GDP & PCE Data Later

US TSYS

TYH4 is currently trading at 109-22+, up + 05+ from New York closing levels

Treasury futures have crept higher heading into the Asia break, although we remain well within Tuesday ranges while yields are 0-2bps lower across the curve.

  • Mar'24 10Y futures remain in a tight range in Asia trading 109-23 high vs 109-17+ low, we trade just off the highs at 109-22+. Initial supports holds at 109-17, (50.0% of the Oct - Dec bull cycle). A clear break of this retracement would strengthen the bearish condition and signal scope for an extension towards 108-19+, the 61.8% Fibonacci level. On the upside, initial firm resistance is seen at 110-24+, the 50-day EMA.
  • Yield 0-2bps lower today with the 2Y yield is -1bp lower at 4.674%, the 10Y yield is -1.2bps lower at 4.291%, while the 2y10y is +0.049 at -39.362.
  • Looking ahead, Wednesday data calendar includes GDP, PCE, Wholesale/Retail Inv, Fed Speak.
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