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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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No data Monday (Fed in blackout), geopolitical tension between Russia and US over Ukraine ahead Tue's remote conf between Pres's Biden and Putin, did little to stem the apparent risk-on tone.
  • Rates extended session lows from the noon hour, near lows on moderate overall volumes (TYH2 just over 1.1M after the bell), short end yield curves steepened. Equities climbed (ESZ1 +60.0 to 4597.0 late), WTI crude crested 70.0, gold off 4.20 to 1779.09 late).
  • Of note, 2Y/10Y Ultra curve steepener blocked in first half: +14,000 TUH2 109-06, buy through 109-05.75 post-time offer at 1012:25ET vs. -4,700 UXYH2 147-22, sell-through 147-22.5 post-time bid, off the CME's 4:1 spd ratio for the pair.
  • Likely to ebb later in the week, Monday's total corporate debt issuance was robust, $6B Roche helped lead total high-grade debt issuance to $17B.
  • Tuesday focus: Unit Labor Costs (8.3% est), Trade Balance (-$66.9B vs. -$80.9B prior)
  • The 2-Yr yield is up 4.2bps at 0.6292%, 5-Yr is up 7.9bps at 1.2111%, 10-Yr is up 9.5bps at 1.4376%, and 30-Yr is up 8.8bps at 1.7611%.