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Extend Early Highs

US TSY FUTURES
  • Treasury futures are extending early session highs in the last few minutes (TYZ3 marked 109-13.5, +9.5, yield 4.3287%). No recent headline driver as main focus on this afternoon's FOMC (and Thu's BoE) policy annc as accounts square positions after yields climbed to the highest levels since November 2007 (10YY 4.367%, 5Y 4.5205%) yesterday.
  • Knock-on support overnight after UK CPI showed headline inflation cooling: +0.3% M/M, +6.7% Y/Y - the lowest level since February 2022.
  • Technicals for Dec'23 10Y futures: recovery from the Sep 13 low (109-03) was a bullish development and a hammer candle - a reversal signal - was confirmed at that day's close. The pattern suggests scope for a correction w/ first resistance to watch is 110-00+, 20-day EMA.
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