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Fresh Pressure

US TSYS
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The move lower in Tsys extends.

  • No fresh headlines or block flow to drive the latest selling.
  • Firmer-than-expected Australian CPI triggered the initial pressure in Asia-Pac hours.
  • The impending round of 5-Year Tsy supply is probably adding further weight, even though yesterday’s 2-Year auction was digested smoothly.
  • Cash Tsy yields run 3-6bp higher as the curve bear steepens.
  • Still, benchmark yields remain comfortably within recent ranges after the bounce from the mid-June multi-week lows.
  • 2s10s moves away from yesterday’s ’24 low, while 5s30s continues to trade around the middle of its multi-month range.
  • TY futures print as low as 110-03+ before stabilising, basing just ahead of the June 13 low (110-03). Our technical analyst’s next meaningful support level is seen at the 50-day EMA (109-25+)
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The move lower in Tsys extends.

  • No fresh headlines or block flow to drive the latest selling.
  • Firmer-than-expected Australian CPI triggered the initial pressure in Asia-Pac hours.
  • The impending round of 5-Year Tsy supply is probably adding further weight, even though yesterday’s 2-Year auction was digested smoothly.
  • Cash Tsy yields run 3-6bp higher as the curve bear steepens.
  • Still, benchmark yields remain comfortably within recent ranges after the bounce from the mid-June multi-week lows.
  • 2s10s moves away from yesterday’s ’24 low, while 5s30s continues to trade around the middle of its multi-month range.
  • TY futures print as low as 110-03+ before stabilising, basing just ahead of the June 13 low (110-03). Our technical analyst’s next meaningful support level is seen at the 50-day EMA (109-25+)