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Firmer In Wake Of European PMIs, US PMIs In Spotlight

US TSYS
  • Treasuries have firmed through European hours courtesy of a slew of weak preliminary June PMI readings across the Eurozone and UK.
  • It adds focus on today’s US flash PMIs after some mixed regional Fed manufacturing surveys, including price metrics after yesterday’s Philly Fed manufacturing survey saw particularly strong prices received figures with fears of greater pricing power.
  • Cash yields sit 2.9-3.7bp lower on the day, led by the belly. 2s10s at -47.4bps is unchanged, in the middle of yesterday’s range having pulled a little further away from Tuesday’s fresh ytd low of -49.5bps.
  • TYU4 has lifted to 110-23+ (+ 06) on decent cumulative volumes of 315k, probing yesterday’s snap high of 110-23 seen on the initial reaction to higher-than-expected jobless claims. A bull cycle remains in play with resistance at 111-01 (Jun 14 high) before 111-09 (Apr 1 high).
  • Data: S&P Global US mfg, services and composite PMIs, Jun prelim (0945ET), Existing home sales May (1000ET), Leading index May (1000ET).
  • No scheduled Fedspeak or issuance.
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