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CANADA MAY JOBS +26.7K VS FORECAST +20K, PRIOR +90.4K

MNI China Daily Summary: Friday, June 7

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MNI: BAKER HUGHES US RIG COUNT 594; OIL RIGS 492; GAS RIGS 98

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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Modestly Richer With Data, 20Y Re-open Ahead

US TSYS
  • Cash Tsys trade with a bull steepening, with the front end to belly rallying 2bps and outperforming core EU FI but the long end making minimal progress at reversing yesterday’s post-BoJ shake-up.
  • 2YY -2.4bps at 4.230%, 5YY -2.6bps at 3.761%, 10YY -0.6bps at 3.677% and 30YY -0.3bps at 3.738%.
  • TYH3 trades 2 ticks higher at 113-19 on notably below average volumes. It’s off an overnight low of 113-09+ that cleared the 50-day EMA of 113-15, the former now setting initial support after which lies the key short-term 112-11+ (Nov 21 low). Resistance meanwhile is seen at 114-23 (Dec 19 high).
  • Data: Second tier but important data releases with existing home sales (1000ET) giving another look at housing after yesterday’s much weaker than expected building permits. Also includes the Conference Board consumer survey (1000ET) plus weekly MBA mortgage data (0700ET) and the Q3 current account (0830ET).
  • Bond issuance: US Tsy $12B 20Y Bond auction re-open (912810TM0) – 1300ET
  • Bill issuance: US Tsy $33B 17W bill auction – 1130ET
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