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Modest Paring Of Yesterday’s Gains, JOLTS On The Docket

US TSYS
  • Cash Tsys hold only modest cheapening pressure in a slight paring of yesterday’s gains as they outperform core EU FI across the curve. With data starting to come into focus again, today sees JOLTS and factory orders, before ISM services and ADP employment tomorrow all gearing up towards payrolls on Friday. On JOLTS, openings are again seen easing in Feb but have surprised to the upside for the past three months.
  • 2YY +3.5bp at 3.999%, 5YY +4.5bp at 3.546%, 10YY +3.9bp at 3.451%, 30YY +2.7bp at 3.655%.
  • TYM3 trades 6 ticks lower at 115-08+, just half a tick off session lows but still towards the high of yesterday’s sizeable range of 114-18 to 115-21+. Support remains just below that with the 20-day EMA of 114-13.
  • Data: JOLTS Feb (1000ET), Factory orders/final durable goods Feb (1000ET)
  • Fedspeak: Gov Cook intro remarks (0830ET), Collins on careers (1345ET), Mester (1845ET, text + Q&A).
  • No issuance

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