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Some Intraday Weakening But Within Friday's Range

US TSYS
  • Treasuries have more than pared earlier mild gains to sit a little weaker on the day, as EGBs reversed a brief Germany Ifo-driven bid, but they remain within Friday’s range across the curve.
  • Cash yields sit unchanged to 0.5bp higher, with 2s10s at -47.5bps still holding a little above last week’s fresh YTD low of -49.5bps.
  • TYU4 at 110-14 is probing session lows but remains above Friday’s 110-11+ on low cumulative volumes of 225k. Stronger support is seen at 109-23+ (50-day EMA) whilst the trend structure is seen remaining bullish with resistance at 111-01 (Jun 14 high).
  • Today's thin docket is headlined by SF Fed's Daly ('24 voter) later on at 1400ET.
  • Data: Dallas Fed mfg Jun (1030ET)
  • Fedspeak: Goolsbee on CNBC (0830ET), Daly on economy/mon pol (1400ET, incl text) - see STIR bullet.
  • Bill issuance: US Tsy $70B 13W, $70B 26W bill auctions (1130ET)
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