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Treasury Futures Edge A Touch Higher Ahead of FOMC

US TSYS
  • Jun'24 10Y futures have done very little today, with volumes very low and ranges tight we made lows of 110-04 during the morning session and trade just of highs of 110-07 at 110-06+ up +02 since NY closed.
  • Looking at technical levels: Initial resistance is seen at 110-26 (20-day EMA), while above here 110-30+ (Mar 14 high) yesterday’s move lower to 109-24+ and piercing of the bear trigger at 109-25+ (Feb 23 low) could signal further weakness and has opened up a potential retest of 109-14+ (Nov 28 low).
  • There has been little in the way of headlines other than the US is weighing up sanctioning Huawei's chipmaking network
  • Looking ahead: MBA Mortgage Applications later Today, while all eyes will be on the FOMC on Thursday.

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