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Treasuries Open Steady Ahead Of US CPI Later

US TSYS

TYH4 is currently trading at 110-20, - 02 + from New York closing levels.

Treasury futures see-sawed higher in a narrow range Monday with modest volumes (TYH4 appr 920k by the close), with much of Asia/Pac closed for Lunar New Year holidays. Focus will be later today for US CPI Data, while Retail Sales are due out Thursday.

  • Post Asia trading on Monday, Treasury futures traded in a tight range Mar 10-Yr futures hit a daily low 110-17.5 while a high of 110-28, to close at 110-22
  • Looking at technical heading CPI later today from, levels to watch to the downside 110-16 Dec 13 & Feb 9 lows, a break of 109-31+ the Dec 11 lows opens a bigger move down to 109-17, 50.0% of the Oct 19 - Dec 27 bull phase. To the upside a break above 111-09 the 20-day EMA, opens up a move to the Feb 1 highs of 113-06+, which could then put in play the 113-12 the Dec 12 high and bull trigger.
  • US CPI Preview (MNI): Used Cars Drag Seen Clashing with Firmer Non-Housing Services: Consensus puts core CPI inflation at 0.3% M/M in January with mild risk seen to the downside, for a very similar reading to December after Friday’s annual revisions.
  • Later today: US CPI at 9.30am Local Time
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