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US EIA:NAT GAS STORAGE -30 BCF TO 3,937 BCF NOV 29 WK

MNI: CANADIAN OCT TRADE BALANCE CAD -0.9 BILLION

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MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

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Minor Paring Of Recent Large Gains,  Fedspeak & More Data Ahead

US TSYS
  • Cash Tsys reverse a further bid through the Asia session that came on technical flows following yesterday’s weak data, cheapening through European hours with some impetus from ECB’s Knot calling for multiple 50bp hikes.
  • Comments also late yesterday from Dallas Fed’s Logan (’23 voter) calling for a slower pace of 25bp hikes but to a higher level should financial conditions ease, with mixed implications for front Treasuries.
  • 2YY -0.2bps at 4.080%, 5YY +1.2bps at 3.450%, 10YY +1.4bps at 3.384%, 30YY +1.1bps at 3.549%
  • TYH3 trades 5 ticks lower at 115-24, off overnight highs of 116-08 in a clear breach of prior key resistance at 115-11+ (Dec 13 high). In doing so it cleared the 200-dma and opens 116-21+ (2.0% 10-dma env).
  • Fedspeak: Three appearances with text today from non-voter Collins (0900ET) plus permanent voters VC Brainard (1315ET) and then late on Williams (1835ET). We last heard from Brainard Nov 28.
  • Data: Housing starts/building permits for Dec at 0830ET after recent timely indicators suggest a potential bottoming in hosing in January. It hits along with Philly Fed for Jan and usual weekly jobless claims, Philly Fed of note after the surprisingly weak Empire mfg survey earlier this week.
  • Bond issuance: US Tsy $17B 10Y TIPS (91282CGK1) 1300ET
  • Bill issuance: $70B 4W, $60B 8W bill auctions (1130ET), $60B 44D CMB bill sales (1300ET).
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