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Post-Jobless Claims React

US TSYS
  • Tsys extend highs - rally through technical resistance after dip in Unit Labor Costs (0.4% vs. 0.7% est). Weekly jobless claims largely in line: (216k vs. 217k est) while Continuing Claims rise (1.906M vs. 1.880M est; prior down-revised to 1.898M from 1.905M)).
  • Jun'24 10Y futures currently climbed +9.5 to 111-25 vs. 111-18 high, through initial technical resistance 111-23 (High Mar 6) - next level at 111-27 (50% retracement of the Feb 1 - 23 bear leg). Curves flatter: 2s10s -0.758 at -46.127.
  • Additional data: Nonfarm Productivity (3.2% vs. 3.1% est); Trade Balance (-$67.4B vs. -$63.5B est).

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