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Downtrend Remains Intact


Gold, Silver Under Pressure


Holding Below Key Short-Term Resistance


Bearish Pressure Returns

US TSY/RECAP: T-Notes made fresh highs at the close with a BBG sources piece
noting that U.S. President Trump is preparing to release a list of an additional
$200bn in Chinese products to be hit with tariffs, according to two people
familiar with the matter. The report went on to note that that the list could be
released as soon as Tuesday, and likely this week.
- A U.S. administration official has confirmed the earlier BBG sources piece,
noting that "the Trump administration is likely to announce a list of $200bn in
tariffs on Chinese goods as early as Tuesday night." The official went on to
note that "the list of Chinese goods subject to U.S. tariffs will not be final
until after the public comment period."
- Tsys were mildly weaker before the report, after a 3-Year note auction tailed,
with the bid-to-cover slipping to the lowest level since April 2009, as dealer
participation moved higher. This led to further curve flattening.
- TYU call trade was noted (+200k TYU 120/122c spds, 33-35) earlier Tuesday.
- Tsy futures have moved higher again after the re-open/RTRS headline.
- T-Notes last at 120.09+, U.S. 10-Year Tsy yields closed at 2.849%.
MNI London Bureau | +44 0203-865-3809 |