BRIEF: EC Approves Italy's 5th NGEU Payment Request For EUR11 billion

MNI BRIEF: ECB's Eye On French Markets, Price Stability Key

MNI BRIEF: Lower Inflation Path Remains Bumpy - Lagarde

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: 2.60% Aug-34 Bund Due Wednesday

Ita-coin Nowcast Negative For Second Month

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Decent Short Covering Ahead Heavy Data, FOMC Minutes Wednesday

US TSYS
BulletMarketsFixed Income BulletsHomepage
  • Treasuries are firmer, off midmorning highs after the bell. Treasuries pared gains after higher than expected JOLTS job openings of 8.14M vs. 7.946M est, while prior was down-revised to 7.919M from 8.059M.
  • Futures extended midmorning highs (TYU4 109-19.5) after Fed Chair Powell made mildly dovish comments from from central bank economics conference in Sintra, Portugal. Recent inflation data suggest that "we are getting back on a disinflationary path", Powell stated, with the caveat that more is needed to be more confident that inflation is headed sustainably to 2% before loosening policy.
  • Tsy Sep'24 10Y futures currently trade 109-13.5 last (+8) -- still well off last Friday's post-Core PCE highs of 110-16. Decent volumes for typically muted summer trade, TYU4 over 1.4M contracts at the moment -- likely due to positioning ahead Thursday's 4th of July holiday closure.
  • Technical resistance above at 110-00 20-day EMA. Curves reversed/pared early steepening are still near the least inverted levels since May 3: 2s10s currently -0.512 at -30.362 (-27.845 high), 5s30s +1,644 at 21.238 (+24.086 high).
  • Heavy data drop on Wednesday's shortened session (floor closes at 1300ET, cash at 1300ET while Globex closes at normal time of 1700ET): Challenger Job Cuts, ADP Employment, Weekly Jobless claims, ISM Services, Factory/Durables Orders and June FOMC Minutes. Friday's full session sees June Non-Farm Payroll data.
213 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Treasuries are firmer, off midmorning highs after the bell. Treasuries pared gains after higher than expected JOLTS job openings of 8.14M vs. 7.946M est, while prior was down-revised to 7.919M from 8.059M.
  • Futures extended midmorning highs (TYU4 109-19.5) after Fed Chair Powell made mildly dovish comments from from central bank economics conference in Sintra, Portugal. Recent inflation data suggest that "we are getting back on a disinflationary path", Powell stated, with the caveat that more is needed to be more confident that inflation is headed sustainably to 2% before loosening policy.
  • Tsy Sep'24 10Y futures currently trade 109-13.5 last (+8) -- still well off last Friday's post-Core PCE highs of 110-16. Decent volumes for typically muted summer trade, TYU4 over 1.4M contracts at the moment -- likely due to positioning ahead Thursday's 4th of July holiday closure.
  • Technical resistance above at 110-00 20-day EMA. Curves reversed/pared early steepening are still near the least inverted levels since May 3: 2s10s currently -0.512 at -30.362 (-27.845 high), 5s30s +1,644 at 21.238 (+24.086 high).
  • Heavy data drop on Wednesday's shortened session (floor closes at 1300ET, cash at 1300ET while Globex closes at normal time of 1700ET): Challenger Job Cuts, ADP Employment, Weekly Jobless claims, ISM Services, Factory/Durables Orders and June FOMC Minutes. Friday's full session sees June Non-Farm Payroll data.