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USDCAD TECHS

Watching The 50-Day EMA

AUDUSD TECHS

Bearish Focus

MONTH-END EXTENSIONS

Updated Barclays/Bbg Extension Estimates for US

US TSYS

Late Session Selling

US TSY/RECAP
US TSY/RECAP: The early Asia bid on the back of the short Chinese statement re:
U.S. trade matters fizzled out on Thursday, with Tsys trading weaker by the
close, going out near lows, with the curve running steeper on the day.
- The space was immune to continued guarded Fedspeak, with equities bid on the
cautious central bank rhetoric. Fed Chair Powell underscored a balanced/dovish
stance, reiterating "patience" to watch risks play out, noting that data not
showing "indication of slowdown." Powell also noted that Fed still doesn't know
the end level re: its balance sheet size.
- Long end sold off/extended on session lows after the latest 30-Year bond
auction tailed, with the cover ratio softening. Dealer and direct participation
increased, as indirect takedown moderated to sub-recent average levels.
- Eurodollar futures finished slightly lower across the strip, near the bottom
of their daily ranges.
- T-Notes last 121.21, U.S. 10-Year cash Tsy yields closed at 2.742%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com