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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Treasuries Steady, Remain Rangebound Ahead of GDP & PCE Data Later
TYH4 is currently trading at 109-21, up + 04 from New York closing levels
Treasury futures have crept higher over the day, although we remain well within Tuesday ranges while yields are 0-2bps lower across the curve.
- Mar'24 10Y futures remain in a tight range in Asia trading 109-23 high vs 109-17+ low, we trade just off the highs at 109-21. Initial supports holds at 109-17, (50.0% of the Oct - Dec bull cycle). A clear break of this retracement would strengthen the bearish condition and signal scope for an extension towards 108-19+, the 61.8% Fibonacci level. On the upside, initial firm resistance is seen at 110-24+, the 50-day EMA.
- Yield 0-2bps lower today with the 2Y yield is -1bp lower at 4.674%, the 10Y yield is -1.2bps lower at 4.291%, while the 2y10y is +0.049 at -39.362.
- Earlier, House Speaker Mike Johnson offered to delay Funding Deadlines (Punchbowl)
- Looking ahead, Wednesday data calendar includes GDP, PCE, Wholesale/Retail Inv, Fed Speak.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.