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Treasury Futures Edge Higher, PPI & Jobless Claims Later

US TSYS
  • Jun'24 10Y futures have been trading in tight ranges throughout the Asian session and now trade just off intraday highs of 108-13, at 108-11+ for a gain of +05 since NY closing levels, earlier there was a Block buyer of the contract at 108-11+. 5Y futures trade up +03 at 105-10.25, just off earlier highs of 105-11.75.
  • Looking at technical levels: Initial support lays at 108-06+ (2.236 proj of Dec 27 - Jan 19 - Feb 1 price swing), below here 108-05+ (Apr 10 lows) and 108-00 (round number support). While to the upside resistance holds at 109-26+ (Apr 10 high), a break back above here would open up 110-06 (Apr 4 high)
  • The Cash Treasury curve has bull-steepened throughout the day with the 2Y yield now -1.9bps at 4.955%, 10Y -0.6bps to 4.538%, while the 2y10y +1.253 at -41.911.
  • Cross Market - The Japanese 10Y yield has just hit its highest levels since November, with yields 2-8bps higher, ACGBs are 11-15bps higher, while NZGBs are 11-14bps higher
  • Looking Ahead: PPI, Jobless Claims & Fed Speak later today.
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