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Post-ADP React

US TSYS
  • Treasury futures gap higher after lower than expected ADP jobs gain of +152k vs. +175k est (192k prior down-revised to +188k).
  • Sep'24 10Y Treasury futures are currently +4 at 110-04.5 vs. 110-06 high.
  • Focus is on 110-09 (High May 16 and the bull trigger). On the flipside, any resumption of bearish activity would instead refocus attention on support at 107-31.

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