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Modestly Richer Ahead Of Payrolls, ISM Services and first Fedspeak

US TSYS
  • Cash Tsys sit modestly richer on the day and also from Wednesday’s post-FOMC close, with yields within yesterday’s ECB-induced ranges. Data is firmly in focus with payrolls and additional attention on ISM services after last month’s largest miss since 2008 and the service sector caught up with manufacturing weakness at a much faster pace than expected.
  • 2YY -1.9bp at 4.085%, 5YY -1.4bp at 3.474%, 10YY -0.8bp at 3.385%, 30YY -0.8bp at 3.537%. 2s10s are within recent ranges at -70bps.
  • TYH3 trades just half a tick higher at 115-18 on modestly below average volumes. Yesterday’s highs of 116-00 pushed the contract closer to key resistance at the bull trigger of 116-08 (Jan 19 high).
  • Data: Payrolls, Jan (0830ET), S&P Global Service PMI, Jan final (0945ET) and ISM services, Jan (1000ET)
  • Fedspeak: Daly, ’24 voter (1430ET)
  • No issuance
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  • Cash Tsys sit modestly richer on the day and also from Wednesday’s post-FOMC close, with yields within yesterday’s ECB-induced ranges. Data is firmly in focus with payrolls and additional attention on ISM services after last month’s largest miss since 2008 and the service sector caught up with manufacturing weakness at a much faster pace than expected.
  • 2YY -1.9bp at 4.085%, 5YY -1.4bp at 3.474%, 10YY -0.8bp at 3.385%, 30YY -0.8bp at 3.537%. 2s10s are within recent ranges at -70bps.
  • TYH3 trades just half a tick higher at 115-18 on modestly below average volumes. Yesterday’s highs of 116-00 pushed the contract closer to key resistance at the bull trigger of 116-08 (Jan 19 high).
  • Data: Payrolls, Jan (0830ET), S&P Global Service PMI, Jan final (0945ET) and ISM services, Jan (1000ET)
  • Fedspeak: Daly, ’24 voter (1430ET)
  • No issuance