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Futures Little Changed To A Touch Lower, Cash Closed On Japanese Holiday

US TSYS

Tsy futures sit little changed to marginally below Thursday’s settlement levels, after recovering from their respective Asia-Pac session bases. TYZ2 is -0-03 at 112-21, 0-02+ off the base of its 0-07 overnight range, through Thursday’s low.

  • Note that cash Tsys are closed until London hours owing to the observance of a Japanese national holiday.
  • Thursday saw fresh cycle highs for all of the major U.S. Tsy benchmark yield metrics, as the 10-Year Tsy yield broke decisively through the upper end of the upward sloping channel that we have identified on several occasions. Consolidation above allows Tsy bears to switch focus to the ’11 high at (3.7760%). A move beyond that level would expose the psychological 4.00% area, as well as the double top from ‘09/’10, which resides just above the round number.
  • There wasn’t much in the way of market moving headline flow observed in Asia, which left regional reaction to the latest leg of global core FI cheapening at the fore.
  • Friday’s NY docket will see the release of flash S&P PMI data. Elsewhere, Fed Chair Powell is set to give opening remarks at a Fed Listens event as the post-FOMC blackout comes to an end.
  • Flash PMI data out from across Europe & the UK mini budget prevent some areas of interest in pre-NY hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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