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Outperforming EGBs Ahead Of A Particularly Thin Docket

US TSYS
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  • Treasuries sit twist steeper on the day, outperforming a sell-off in EGBs attributed to hawkish ECB commentary re a July cut being unlikely.
  • with the longer end pushing lower to continue to close the gap to pre CPI & retail sales levels after the front end
  • Cash yields sit 0.5bp lower (2s) to 2bps higher (20s and 30s), with long end yields continuing to close the gap to pre CPI & retail sales levels after the front end did so yesterday.
  • TYM4 has pushed lower to 109-12 (- 03+) on subdued volumes of 230k. Support is seen at 109-7+ (50-day EMA) before a key 108-15 (May 14 low), but the technical trend remains bullish despite the latest pullback with resistance seen at 109-31+ (May 16 low).
  • Today’s docket is particularly thin and with scheduled Fedspeak unlikely to touch on monetary policy, leaving flows and headlines in the driving seat.
  • Data: Conf. Board Leading Index Apr (1000ET)
  • Fedspeak: Waller with an introduction from Kashkari (1015ET), Daly commencement speech (1215ET)
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  • Treasuries sit twist steeper on the day, outperforming a sell-off in EGBs attributed to hawkish ECB commentary re a July cut being unlikely.
  • with the longer end pushing lower to continue to close the gap to pre CPI & retail sales levels after the front end
  • Cash yields sit 0.5bp lower (2s) to 2bps higher (20s and 30s), with long end yields continuing to close the gap to pre CPI & retail sales levels after the front end did so yesterday.
  • TYM4 has pushed lower to 109-12 (- 03+) on subdued volumes of 230k. Support is seen at 109-7+ (50-day EMA) before a key 108-15 (May 14 low), but the technical trend remains bullish despite the latest pullback with resistance seen at 109-31+ (May 16 low).
  • Today’s docket is particularly thin and with scheduled Fedspeak unlikely to touch on monetary policy, leaving flows and headlines in the driving seat.
  • Data: Conf. Board Leading Index Apr (1000ET)
  • Fedspeak: Waller with an introduction from Kashkari (1015ET), Daly commencement speech (1215ET)