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Drifting Lower Ahead Of Factory Orders, Heavy Bill Issuance

US TSYS SUMMARY
  • Cash Tsys have drifted lower through early London lows, alongside major German & Gilt counterparts, as US desks start to return from the Labor Day holiday. Yields sit 3.5-4.5bps higher on Friday’s close, led by the belly, ahead of a docket with a data focus on factory orders (greater focus on ISM Services tomorrow) plus heavy bill issuance due to the holiday-shortened week.
  • Moves in European/UK paper have been the dominant factor. E-minis bouncing from worst levels may have applied some cross-market pressure, although it is hard to be sure after the early uptick in Tsy yields seemingly applied weight to e-minis.
  • TYZ3 trades 11+ ticks lower at 110-07 for session lows, with the Aug 29 low in the contract (109-28+) presenting the next area of support. Volumes are solid at 340k.
  • Data: Factory orders/durable goods Jul/Jul final (1000ET)
  • Bill issuance: US Tsy to sell $69B 13-week bills and $62B 26-week bills (1130ET), US Tsy to sell $42B 52-week bills and $60B 42-day CMB (1300ET)
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