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GOLD TECHS

Watching Support

WTI TECHS

(U1) Holding Onto Recent Gains

BRENT TECHS

(U1) Extends Gains

EQUITY TECHS

E-MINI S&P (U1): Northbound

JPY

Awaiting Clearer Cues

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After some light two way after a flurry of mixed data (higher initial/lower continuing claims, better revisions on durables spurred some selling), Tsys extended highs before trimming gains -- kicking off a session of see-saw trade. Focus turned to half-dozen Fed speakers on the day, and final leg Tsy supply: $62B 7Y note.
  • Fed-speak really didn't break any new ground -- largely repeating already voiced opinions. Former NY Fed pres Bill Dudley did weigh in, however, suggesting the "FED WILL BE 'PRETTY PATIENT' HERE" and not to "PUT TOO MUCH WEIGHT ON WHAT ONE FED PRESIDENT SAY."
  • No reacts in rates, but lent to some interest in reading at least: bipartisan infrastructure agreement reached, and Mexico hiked rates .25 to 4.25%.
  • Decent Tsy auction: $62B 7Y note (91282CCH2) auction trades through with high yield of 1.264% vs. 1.267% WI. Tsys holding off session highs so far -- little reaction. Bid-to-cover: 2.36x vs. 2.26x 5 month avg, Indirect take-up of 59.97 well over the 5 month average of 55.19% but well shy of Jan's 64.09%. Primary dealer take-up 18.69% well below 25.23% 5 month avg (compares to February's >1Y high of 39.80%.) Direct take-up climbs to 21.34 vs. 19.53% 5M avg. The next 7Y auction is tentatively scheduled for July 29.
  • The 2-Yr yield is up 0.4bps at 0.2661%, 5-Yr is up 2.4bps at 0.9054%, 10-Yr is up 0.2bps at 1.4868%, and 30-Yr is down 1.1bps at 2.0974%.