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Front End Richer As Durable Goods, Supply Eyed

US TSYS
  • Cash Tsys are slightly richer at the front end with Treasuries also comfortably outperforming Europe in 10Y space whilst remaining underpinned by yesterday’s disappointing activity data, putting further focus on durable goods later on.
  • Led by the front end with only the 20Y bucking smaller moves further along the curve, 2s10s have only partially unwound yesterday’s twist steepening to sit at -25.5bps for a 20bp steepening over the past week.
  • 2YY -2bps at 3.307%, 5YY +0.2bps at 3.167%, 10YY +0.0bps at 3.046% and 30YY +0.1bps at 3.256%.
  • TYU2 trades two ticks higher on the day at 117-22 on modestly below average volumes. It has been heading south in recent trend terms though, with key near-term support formed by double resistance at 117-14+ from both the Jul 21 and yesterday’s low.
  • Data: Preliminary durable goods for July in focus plus pending home sales (after yesterday’s slump in new home sales) plus weekly MBA mortgage applications.
  • Note issuance: US Tsy $22B 2Y FRN note auction (91282CFD8) at 1130ET, US Tsy $45B 5Y note (91282CFH9) at 1300ET
  • Bill issuance: US Tsy $30B 119D bill CMB auction – 1130ET
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