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Steadily Weaker, 5Y Supply Headlines Later On

US TSYS
  • Treasuries have sold off in two steps overnight, firmly continuing the reversal seen after a short-lived rally to yesterday’s well-received 2Y auction.
  • The move came first on stronger than expected Australia CPI (adding to yesterday’s Canada CPI beat) before following EGBs weaker on little by way of headline flow.
  • Cash yields sit between 3-3.5bp higher on the day whilst 2s10s has reset higher at -45.2bps with the new 2Y after yesterday’s fresh ytd low of -50.8bp.
  • TYU4 has set a session low of 110-09 (-10 ticks) on stronger cumulative volumes of 355k after some thinner overnight periods of recent days.
  • Support is seen at 109-25+ (50-day EMA) with the move going against the bullish trend structure with its resistance of 111-10 (Jun 14).
  • Data: Weekly MBA mortgage data (0700ET), New home sales May (1000ET)
  • Note/bond issuance: US Tsy $28B 2Y FRN reopen (1130ET), US Tsy $70B 5Y Note auction (1300ET)
  • Bill issuance: US Tsy $60B 17W bill auctions
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