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US TSYS
Friday’s rally initially continued through Asia/early London trade.
- Tsys now sit off session highs after a pullback.
- TYH4 +0-03+ at 109-31+, in the middle of a 0-10 range.
- Volume runs at ~400K, ~182K of which is roll activity.
- Initial resistance at the 50-day EMA (110-16), support at Friday’s low (109-09).
- Technical bear conditions remain intact.
- Cash Tsys are ~1bp lower across the curve.
- News flow remains light.
- Some desks cite projected portfolio rebalancing effects at month end (-ve equities & +ve bonds) as a supportive factor.
- Others believe that this week’s front loaded Tsy auction schedule (a result of the need for settlement by month-end) is limiting the rally.
- 2- & 5-Year auctions will cross today, 7s tomorrow.
- New home sales and Dallas Fed manufacturing data is due in NY hours.
Fig. 1: TY Futures (H4)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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