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Treasuries Steady In Early Trade Ahead Of US CPI

US TSYS
  • Jun'24 10Y futures downtrend remains intact despite the bounce posted across the Tuesday session, the contract has done very little in the first two hours of trading making a low of 109-20 on the open and a high of 109-21+, we now trade unchanged at 109-20.
  • Looking at technical levels: Initial support lays at 109-00 (round number support), a break here would open up a move to 108-25+ (2.00 proj of Dec 27 - Jan 19 - Feb 1 price swing). While to the upside resistance holds at 110-06 (Apr 4 high), above here 110-24+/31+ (50-day EMA / Mar 27 high and key resistance)
  • Cash Treasury curve bull-flattened on Tuesday, with yields 4-7bps lower. As Trading gets underway on Wednesday the 2Y yield is unchanged at 4.743%, 10Y +0.4bp to 4.366%, while the 2y10y +0.401 at -37.906.
  • (Bloomberg) US Treasury Investor Optimism Falls This Week (See link)
  • Looking Ahead: MBA Mortgage Applications, CPI and March FOMC minutes later today.
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