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Markets Roundup: Poised to Extend Highs

US TSYS
  • After paring back from post-NFP highs since midmorning, Tsy futures are poised to extend session highs yet again, curves bull flattening/unwinding some of Thu's move (3M10Y -11.274 at -134.752; 2Y10Y -3.239 at -74.042) with intermediate to long end rates leading the charge at midday.
  • Fast two-way trade reported after July employment data comes out slightly lower than expected at +187k vs. 200k est, June down-revised by -49,000.
  • Average hourly earning stronger than expected, however, rising 0.42% M/M (cons 0.3) after an upward revised 0.45% (initial 0.36% M/M) which was only marginally offset by a lower 0.33% in May (initial 0.36%).
  • Rates continued to angle higher amid dovish comments from unscheduled Fed speakers Bostic "US JOBS NUMBERS CAME IN AS EXPECTED; I'M COMFORTABLE" and Goolsbee "SHOULD START THINKING ABOUT HOW LONG TO HOLD RATES" underscoring, if not exactly providing a bid to the rally.
  • Cross-asset gains at midday: stocks near highs (ESU3 +28.0 at 4550.0; Crude firm (WTI +1.05 at 82.60), Gold firmer (+8.65 at 1942.7.
  • Trade volumes have cooled into noon, modest selling into strength ahead the weekend and slow start to next week's data with the first significant release next Thursday with CPI and weekly Claims.
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