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Treasuries Follow Europe Richer, Real Yields Nudge Lower

US TSYS
  • Cash Tsys have seen a belly-led flattening amidst broad risk-off sentiment, lagging moves seen in Eurozone members. The market could be particularly sensitive to growth implications in upcoming US data.
  • Early trade shows most of the decline in long-end nominal yields has been in real space, a break from the past couple days when real yields proved particularly sticky as breakevens slid.
  • 2YY -4.9bps at 2.990%, 5YY -5.3bps at 3.090%, 10YY -3.0bps at 3.059% and 30YY -2.5bps at 3.194%.
  • TYU2 trades 10+ ticks higher at 117-27, extending its bounce from Tuesday’s low on marginally above average volumes. It closes in on a key short-term resistance level at 118-08 (Jun 24 high) where a break would signal a resumption of recent gains.
  • Data: Important releases with personal income/spending & PCE inflation for May, the MNI Chicago PMI for June and usual weekly jobless claims.
  • Bill issuance: US Tsy $35B 4W, $30B 8W bill auctions (1130ET).
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  • Cash Tsys have seen a belly-led flattening amidst broad risk-off sentiment, lagging moves seen in Eurozone members. The market could be particularly sensitive to growth implications in upcoming US data.
  • Early trade shows most of the decline in long-end nominal yields has been in real space, a break from the past couple days when real yields proved particularly sticky as breakevens slid.
  • 2YY -4.9bps at 2.990%, 5YY -5.3bps at 3.090%, 10YY -3.0bps at 3.059% and 30YY -2.5bps at 3.194%.
  • TYU2 trades 10+ ticks higher at 117-27, extending its bounce from Tuesday’s low on marginally above average volumes. It closes in on a key short-term resistance level at 118-08 (Jun 24 high) where a break would signal a resumption of recent gains.
  • Data: Important releases with personal income/spending & PCE inflation for May, the MNI Chicago PMI for June and usual weekly jobless claims.
  • Bill issuance: US Tsy $35B 4W, $30B 8W bill auctions (1130ET).