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Market Roundup: Bonds Bounce on Weak Services PMI, New Home Sales Slump

US TSYS
Tsys have rebounded back near overnight highs, yield curves bull steepening (2s10s +3.648 at -26.297) after US PMIs come out weaker than estimated, particularly Services (44.1 vs. 49.8 est). Further impetus from slump in New Home Sales for July: 511k vs. 575k est, and 590k prior.
  • Initial overnight move after soft European PMIs (France, Germany, EU in line or better than estimated but still sub-50, mixed UK w/ Mfg 46.0 vs. 51.0 est, Services 52.5 vs. 51.6 est).
  • Technicals: Rebound for TYU2 currently trading 118-06 (+15) puts initial firm resistance is at 119-31, the Aug 15 high. The 10Y bounced off early session low of 117-14.5 -- key near-term support and July 21 low. Price has recently cleared a trendline support drawn from the Jun 14 low and this reinforces the current bearish theme. Next key support 117-07, 61.8% retracement of the Jun 14 - Aug 2 bull cycle
  • Focus turns to the KC Fed's annual Jackson Hole Economic Symposium: Reassessing Constraints on the Economy and Policy, starts Friday w/ Chairman Powell speaking at 1000ET (0800 local), text is expected but no Q&A. Markets keen on pivot after cooling data or will the Fed maintain hawkish stance to squelch inflation.
  • Currently, 2-Yr yield is down 5.7bps at 3.2533%, 5-Yr is down 4.7bps at 3.1109%, 10-Yr is down 2.4bps at 2.9906%, and 30-Yr is down 1.8bps at 3.2079%.
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