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US TSYS: Extending Lows After Saturday Tariff Calls Confirmed

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Trading weaker most of the session, Treasuries extended lows late Friday after White House officials confirmed 25% tariffs on Canada & Mexico, 10% on China will be announced Saturday, February 1.
  • The Mar'25 10Y Treasury futures contract trades -12.5 at 108-27 after the bell, still above initial technical support at 108-23 (20-day EMA)., 10Y yield +.0508 at 4.5671% after declining to as low as 4.5003% midmorning.
  • Tariff confirmation stoked a swift move lower for the greenback, with the USD index extending to session lows following the WMR fixing window which also appeared to be dominated by USD supply. The likes of USDCAD and USDMXN pushed firmly lower, with the former erasing the entirety of the late Thursday surge to trade back below 1.44.
  • Stocks did not like the confirmation either, SPX Eminis and Nasdaq retreating from near all-time highs to moderate session lows in late trade, Energy and Materials sectors underperforming.
  • Focus turned to next week's heavy corporate earnings docket, key CPI and PPI inflation measures and headline employment data for January.
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  • Trading weaker most of the session, Treasuries extended lows late Friday after White House officials confirmed 25% tariffs on Canada & Mexico, 10% on China will be announced Saturday, February 1.
  • The Mar'25 10Y Treasury futures contract trades -12.5 at 108-27 after the bell, still above initial technical support at 108-23 (20-day EMA)., 10Y yield +.0508 at 4.5671% after declining to as low as 4.5003% midmorning.
  • Tariff confirmation stoked a swift move lower for the greenback, with the USD index extending to session lows following the WMR fixing window which also appeared to be dominated by USD supply. The likes of USDCAD and USDMXN pushed firmly lower, with the former erasing the entirety of the late Thursday surge to trade back below 1.44.
  • Stocks did not like the confirmation either, SPX Eminis and Nasdaq retreating from near all-time highs to moderate session lows in late trade, Energy and Materials sectors underperforming.
  • Focus turned to next week's heavy corporate earnings docket, key CPI and PPI inflation measures and headline employment data for January.