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Futures Re-Open Weaker, No Cash Trading In Asia Today

US TSYS

TYM4 is trading at 108-07+, -0-04 from NY closing levels.

  • This comes after US tsys moved back to mid-April levels, with the curve bull steepening, in the aftermath of Wednesday's steady FOMC dovish (at least not hawkish) hold.
  • US tsys shrugged off this morning's higher-than-expected Unit Labor Costs (4.7% vs. 4.0% est, prior down-revised to 0.0% from 0.4%) and Nonfarm Productivity miss (0.3% vs. 0.5% est, prior up-revised to 3.5%).
  • Meanwhile, Initial Jobless Claims printed slightly lower than expected (208k vs. 211k est, 207k prior up-revised to 208k) and Continuing Claims (1.774M vs. 1.790M est, 1.781M prior down-revised to 1.774M). Trade Balance (-$69.4B vs. -$69.7B est).
  • There will be no cash trading in Asia today with Japan out for observance of the Constitution Memorial Day holiday.
  • The focus now turns to Non-Farm Payrolls later today. (See MNI US Payrolls Preview: Fed Sensitive To An Unexpected, Meaningful Weakening here)
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