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Holding Firmer As US Comes In, 2Y Auction In Focus

US TSYS
  • Cash Tsys trade richer across the curve and sit close to session highs after European timezone weakness in equities and further spillover from a weak German Ifo survey. The combination of drivers has seen 5s outperform, with 2s and 5s currently contained by Friday’s highs but benchmark tenors breaking higher further along the curve.
  • A thin docket sees 2Y supply in focus along with headlines, in a session that otherwise sees further heavy bill issuance and another regional Fed manufacturing survey for June after mixed releases so far from Empire (beat), Philly (in-line) & Kansas (miss).
  • 2YY -4.0bp at 4.701%, 5YY -5.8bp at 3.932%, 10YY -5.0bp at 3.684% and 30YY -3.9bp at 3.773%.
  • TYU3 trades 11+ ticks higher at 113-14, just off an earlier high of 113-15 which stopped just short of Friday’s high of 113-15+. Resistance is seen at 113-18 (Jun 15 high) whilst bear trigger support is seen at 112-12 (Jun 14 low).
  • Data: Dallas Fed Mfg Activity Jun (1030ET)
  • Note/bond issuance: US Tsy $42B 2Y Note auction (91282CHL8) - 1300ET
  • Bill issuance: US Tsy $65B 13W, $58B 26W bill auctions - 1130ET
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