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Post-PMIs React, Reverse Support

US TSYS
  • Treasury futures pare gains, trade mildly weaker now (TYM3 -1.5 at 114-19.5) after the S&P Global PMIs for April come out much stronger than expected (MFG 40.4 vs. 49.0; Srvcs 53.7 vs. 51.5; Comp 53.5 vs. 51.2 est). TYM3
  • Curves reverse early steeper profiles to near steady, 2s10s +.116 at -61.359.
  • 10Y futures remain in a short-term downtrend and the recovery since Thursday is considered corrective - for now. The contract has recently traded through the 20- and 50-day EMAs and pierced 114-00. This signals scope for weakness to 113-23, a Fibonacci retracement.
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