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SILVER TECHS

Bearish Risk Still Present

GOLD TECHS

Bearish Theme Remains Intact

WTI TECHS

(J1) Bull Trend Extends

BRENT TECHS

(K1) Clears $70.00

USDCAD TECHS

Still Looking For Gains

US TSY/RECAP
US TSY/RECAP: The longer end of the Tsy curve was underpinned by the formal
announcement of the US' metal linked tariffs on the EU, Canada & Mexico and the
subsequent responses/countermeasures, as well as month end extensions, which saw
the US Tsy curve flatten on the day. Although longer dated paper eased in late
dealing. The space had moved lower in the late NY morning after the Italian
5SM/Lega coalition outlined their cabinet, with Conte set to become PM on
Friday. Shorter dated yields ticked higher, as traders became more assured re:
the Fed hiking cycle after the uncertainty seen earlier this week. US data was
encouraging with PCE data inline/a touch better, while personal spending beat.
Chicago PMI was also on the strong side. Fedspeak from Brainard, Mester, Bullard
& Quarles was uneventful.
- Real-money accounts were active buyers in the 30-Year space. Cautious
positioning/steepener unwinds were noted ahead of Friday's NFP release
- The Eurodollar strip had attempted to pare some of its losses that came after
3-Month $LIBOR fixed over 2bp higher, but moved lower late on alongside Tsys.
- T-Notes last at 120.05+, US 10-Year Tsy yields closed at 2.859%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com