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Light Twist Steepening On Thin Volumes, Awaiting Fedspeak

US TSYS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
  • Treasuries trade marginally twist steeper with little by way of headline drivers, with the long end outperforming EGBs and Gilts.
  • Cash yields range from 0.8bp lower (3s) to 0.3bp higher (30s), with 2s10s at -39.6bps (+0.5bp) within Friday’s range.
  • TYM4 has kept to narrow ranges overnight on particularly low volumes of 185k for less than 70% of recent averages for the time of day. Roll pace to the September expiry remains low, expected to pick up later this week.
  • At 109-05+, it’s close to lows of 109-04, with the recent pullback going against a bullish short-term trend condition. Support is seen at 108-27+ (50-day EMA) whilst resistance is seen at 109-31+ (May 16 high).
  • No data, compensated for by a heavy Fedspeak line-up.
  • Fedspeak: Bostic (0730ET), Bostic (0845ET), Barr (0900ET), Waller (0900ET), Jefferson (1030ET), Mester (1400ET) and Bostic (1900ET) – see STIR bullet.
  • Bill issuance: US Tsy $70B 13W, $70B 26W bill auctions (1130ET)
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  • Treasuries trade marginally twist steeper with little by way of headline drivers, with the long end outperforming EGBs and Gilts.
  • Cash yields range from 0.8bp lower (3s) to 0.3bp higher (30s), with 2s10s at -39.6bps (+0.5bp) within Friday’s range.
  • TYM4 has kept to narrow ranges overnight on particularly low volumes of 185k for less than 70% of recent averages for the time of day. Roll pace to the September expiry remains low, expected to pick up later this week.
  • At 109-05+, it’s close to lows of 109-04, with the recent pullback going against a bullish short-term trend condition. Support is seen at 108-27+ (50-day EMA) whilst resistance is seen at 109-31+ (May 16 high).
  • No data, compensated for by a heavy Fedspeak line-up.
  • Fedspeak: Bostic (0730ET), Bostic (0845ET), Barr (0900ET), Waller (0900ET), Jefferson (1030ET), Mester (1400ET) and Bostic (1900ET) – see STIR bullet.
  • Bill issuance: US Tsy $70B 13W, $70B 26W bill auctions (1130ET)