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US TSYS: Following EGBs Lower

US TSYS
USBulletMarketsFixed Income BulletsNorth America

Weakness in EGBs has pulled Tsys away from Asia-Pac session highs.

  • French political/fiscal risk and a move higher in energy prices weighs on bonds, lower liquidity also contributing to the move lower.
  • TYH5 remains comfortably within yesterday’s range, unwinding a little over half of the bid that followed yesterday’s well-received 7-Year Tsy auction
  • Contract last -0-05+ at 108-15+, just off session lows of 108-15.
  • Initial support at yesterday’s low (108-06+), bearish technical theme intact.
  • Yields 0.5-3.5bp higher, curve bear steepens.
  • 5+-Year yields on track for fresh multi-month closing highs.
  • 2s10s set to register a fresh ’24 closing high, which would be steepest level seen since June ’22, last ~27bp.
  • 5s30s sticks to multi-month range.
  • Lower tier data, inventories and advanced goods trade balance, due during the NY morning, but shouldn’t be market moving.
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Weakness in EGBs has pulled Tsys away from Asia-Pac session highs.

  • French political/fiscal risk and a move higher in energy prices weighs on bonds, lower liquidity also contributing to the move lower.
  • TYH5 remains comfortably within yesterday’s range, unwinding a little over half of the bid that followed yesterday’s well-received 7-Year Tsy auction
  • Contract last -0-05+ at 108-15+, just off session lows of 108-15.
  • Initial support at yesterday’s low (108-06+), bearish technical theme intact.
  • Yields 0.5-3.5bp higher, curve bear steepens.
  • 5+-Year yields on track for fresh multi-month closing highs.
  • 2s10s set to register a fresh ’24 closing high, which would be steepest level seen since June ’22, last ~27bp.
  • 5s30s sticks to multi-month range.
  • Lower tier data, inventories and advanced goods trade balance, due during the NY morning, but shouldn’t be market moving.