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Treasury Edge Lower And Test Support, Yields At Highs

US TSYS
  • Jun'24 10Y have edged lower this morning, opening just below initial support at 109-08, we initially bounced off this level reaching a morning high of 109-13+ before again looking to test support, where we now trade at 109-10 down - 11 since NY closing levels.
  • Looking at technical levels: Initial support lays at 109-09/09+ (Lower 1.0% 10-dma envelope/ Apr 3 Low), round number support then rests at 109-00. While to the upside resistance holds at 110-14 (20-day EMA), above here 110-25+/31+ (50-day EMA / Mar 27 high and key resistance).
  • Cash Treasury yields have continued their move higher on Monday, the curve has bear-flattened with the 2Y yield +2.3bps at 4.774% back at levels from late November, while the 10Y is +2.2bp to 4.424% testing the YTD highs, while the 2y10y -0.096 at -35.196.
  • Looking Ahead: slow start to the week with focus turning to CPI and March FOMC minutes on Wednesday, PPI on Thursday.
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