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Treasuries Edge Lower Ahead Of US Data Later

US TSYS
TYM4 is currently trading at 110-19, down - 02 from New York closing levels
Treasury futures have drifted lower during the Asian session on Thursday, although well within yesterday's ranges. Treasury yields are 1-2bps higher, while there has been little in the way of market headlines apart from Yellen to meet with global leaders in Brazil, while the US house will vote on Stopgap Funding bill at 1.30pm ET.
  • Jun'24 futures touched a early high of 110-14 on Asia open, but has only moved since then, touching a low 110-09 however still well within recent ranges. The trend direction in Treasuries is unchanged and remains down with the contract continuing to trade closer to its recent lows, taking a look at technical levels initial resistance holds at 110-28+ (20-day EMA), while initial support at 109-25+ (Low Feb 23).
  • Treasury yields are giving up some of the moves lower from Wednesday, with yield curve 1-2bps higher. The 2Y yield is 1.4bp higher at 4.652%, the 10Y is 1.4bp higher at 4.278%, while the 2y10y is unchanged at -37.631
  • There were a flurry of Fed Speaks on Wednesday with Atlanta Fed President Bostic remaining "comfortable" with a patient Fed strategy to address inflation, he still expects the first rate cut this summer. NY Fed President Williams reiterated the Fed has a "ways to go to sustained 2% inflation", while Boston Fed President Collins wants greater confidence in disinflation before soften policy
  • Looking ahead: Personal Income/Spending, PCE, Jobless Claims & MNI Chicago PMI
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