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Poised to Extend Lows

US TSY FUTURES
  • Focus turns back to employment data (ADP early Thu, NFP Fri), expectations of another strong read that drove yields higher in the run up to the June FOMC minutes is back in focus. ADP Employment Change 225k est vs. 278k prior; Change in Nonfarm Payrolls 225k est vs. 339k prior.
  • Front month 10Y futures just marked 111-11 low (-19; yld 3.9434% high) before bouncing to 111-13; Key technical support remains at 110-27+, the Mar 2 low.
  • Curves remain steeper with short end outperforming (2s10s +7.831 at -100.717.

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