T-Notes Just Shy Of Friday Peak, Cash Closed For Independence Day

T-Notes see a muted re-open, last trading around the upper limits of their Friday range, +0-02+at 132-24.

• The mixed NFP print (better than expected headline accompanied by mixed details, including an unexpected 0.1 ppt uptick in the unemployment rate) provided plenty of post-release vol., with the space ultimately turning bid, in what was perhaps a result of pre-release positioning. This allowed T-Notes to go out just shy of their late highs, while a holiday-shortened cash session saw richening across the curve come the early close, with the belly leading as 7s richened by a little over 4.0bp on the day.
• Post-payroll activity was headlined by ~80K of screen selling of the 2EZ1 99.000 puts, which seemingly represented an unwind of an existing long.
• Cash Tsys will be closed on Monday owing to the observance of the Independence Day holiday in the U.S., while futures will observe curtailed trading hours. As a result, expect subdued trading ranges and limited volume, unless we see some meaningful macro headlines.
• Services PMI surveys from around the globe headline the broader docket on Monday.