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Fading Modest EU FI Rally

US TSYS
  • Tsy futures have faded the limited EU FI rally on the day (Bunds -1.8bps), with TYM3 instead confined to a narrow range and currently 2 ticks lower at 112-11, with the debt deal still requiring Congress approval.
  • Support remains exposed: noise with the Asia open technically saw a low of 112-03+ that pushed through Friday’s post data low of 112-05, for a new support level after which sits 111-31 (76.4% retrace of Mar 2-24 rally).
  • TY volumes are typically depressed with Memorial Day, currently a little under 50k for the time of day compared to the recent average of 150k. Cash markets are closed.

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