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Paring Modest Gains As US Filters In, Core PCE Inflation Watched

US TSYS
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsBank of Japan (BOJ) Market NewsEarnings Calendar Market News
  • Treasuries have moved off highs with the US filtering in, but for the most part keep to a modest rally after a lack of hawkish rhetoric from BoJ Governor Ueda.
  • Cash yields range from 0.2bp lower (2s) to 1.5bp higher (20s & 30s), flattening with 2s10s at -30.6bps and still firmly within the week’s range.
  • TYM4 sits at 107-13 (+ 01+) off an earlier high of 107-18, on solid but not particularly high cumulative volumes approaching 340k.
  • The trend direction remains down, with yesterday seeing a fresh cycle low of 107-04 (Apr 25 low) and with moving average studies also in a bear-mode set-up. Further support is seen at a Fibo projection of 106-27.
  • Focus is firmly on data today and especially core PCE, whilst the earnings calendar winds down for the week in terms of notable names (Exxon is largest for the day, already out with a miss for Q1 adj EPS of $2.06 vs 2.19 expected).
  • Data: Personal income/spending & PCE inflation Mar (0830ET), U.Mich Apr final (1000ET), Kansas City Fed services Apr (1100ET)
  • No issuance
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  • Treasuries have moved off highs with the US filtering in, but for the most part keep to a modest rally after a lack of hawkish rhetoric from BoJ Governor Ueda.
  • Cash yields range from 0.2bp lower (2s) to 1.5bp higher (20s & 30s), flattening with 2s10s at -30.6bps and still firmly within the week’s range.
  • TYM4 sits at 107-13 (+ 01+) off an earlier high of 107-18, on solid but not particularly high cumulative volumes approaching 340k.
  • The trend direction remains down, with yesterday seeing a fresh cycle low of 107-04 (Apr 25 low) and with moving average studies also in a bear-mode set-up. Further support is seen at a Fibo projection of 106-27.
  • Focus is firmly on data today and especially core PCE, whilst the earnings calendar winds down for the week in terms of notable names (Exxon is largest for the day, already out with a miss for Q1 adj EPS of $2.06 vs 2.19 expected).
  • Data: Personal income/spending & PCE inflation Mar (0830ET), U.Mich Apr final (1000ET), Kansas City Fed services Apr (1100ET)
  • No issuance