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US TSYS

Contained In Asia

EURGBP TECHS

Tests The Fibonacci Retracement

GBPUSD TECHS

Bearish Threat Still Present

EURUSD TECHS

Gains Considered Corrective

EQUITIES

Mixed

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A generally muted overnight session for core global FI markets left T-Notes in a narrow 0-02+ range, last -0-01+ at 132-20, with benchmark yields little changed across the curve, in what was a typical pre-NFP session for the Asia-Pac region. T-Notes operate on light volume of ~46K at typing. The major cash benchmarks generally trade little changed to a touch richer on the day.

  • T-Notes held a tight range on Thursday, touching the top end of the recent range before closing around the middle of the day's range. Cash Tsys were ultimately little changed, finishing flat to 1.0bp cheaper across the curve, coiling ahead of Friday's jobs report. It is interesting to note that benchmark Tsy yields have been biased lower this week, even with expectations for a ~+1mn print in today's headline NFP reading. This comes as the bulk of the regional Fed Presidents that have spoken, as well as some of the permanent voters on the FOMC, pointed to no need to discuss a tapering of the central bank's asset purchases at present. Local data was generally in line to better than expected on Thursday, although those prints provided a lack of lasting meaningful impact on the space. There was some offshore impetus from the latest BoE decision, which saw the BoE slow the rate of its asset purchases (although the size of the scheme was left unchanged, effectively elongating the timeline of the current purchase scheme).
  • The aforementioned NFP release headlines the local docket on Friday, with Fedspeak from Barkin also due.