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Post-Flash PMI React

US TSY FUTURES
  • Treasury futures drawing some support after Flash PMI data comes out mixed: S&P Global US Manufacturing PMI (48.9 vs 48.2 est), Services PMI (50.2 vs. 50.7 est), Composite PMI (50.1 vs. 50.4 est).
  • Bonds still mildly weaker (-1 at 116-08) while 2Y through 10Y Ultra's trade firmer. Current Dec'23 10Y futures +3.5 at 108-17, well below initial technical resistance of 109-03/109-25+ (Low Sep 13 / 20-day EMA).
  • Curves mixed:
    • 3M10Y -1.455, -102.286 (L: -103.474 / H: -99.871)
    • 2Y10Y +0.183, -65.211 (L: -66.767 / H: -63.316)
    • 2Y30Y +0.659, -56.848 (L: -58.71 / H: -54.988)
    • 5Y30Y +0.858, -4.121 (L: -5.13 / H: -2.43)

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