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CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

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Intraday Bid Back To Near Unchanged, Heavy Issuance Ahead

US TSYS
  • Cash Tsys trade between unchanged to just 0.5bp cheaper from Friday’s early close, although that masks a sizeable intraday rally (~3.5bp for 2s) from cheapest levels shortly after the open.
  • Europe has led the rally, and continues to outperform, with added pressure from crude continuing to fall (-1.4%) in an extension of Friday's second half weakness.
  • TYZ3 at 108-14+ sits off an earlier high of 108-16+, back little changed from Friday's early close having lifted off a fresh push lower overnight to 108-06 in a test of the 50-day EMA at the same level. Roll activity continues to boost volumes.
  • Catch-up from the holiday shortened week sees heavy issuance heavy the docket, including both 2Y and 5Y Treasury sales. It’s a quieter start to the week and along with no scheduled Fedspeak today.
  • Data: New home sales Oct (1000ET), Dallas Fed mfg Nov (1030ET)
  • Note/bond issuance: US Tsy $54B 2Y notes (1130ET), US Tsy $55B 5Y notes (1300ET)
  • Bill issuance: US Tsy $68B 26-week bills (1130ET), US Tsy $75B 13-week bills (1300ET)
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