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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 AccessTreasury Futures Head Lower Post PMI
Treasury futures look to finish mixed Thursday with 2s-10s weaker, curves unwinding a good portion of the post FOMC steepening as today's data tempered post-FOMC rate cut projections.
- Jun'24 10y futures climbed higher heading into S&P Global PMI, making highs of 110-26+, before gapping lower and touching a low of 110-08+. As trading gets underway in Asia, futures are off late US lows and trade at 110-13+
- Looking at technical levels: Initial support lays at 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low), while to the upside initial resistance is seen at 110-26+ (Mar 21 high), while above here 111-01+ (50-day EMA), a break above here would open a retest of 111-24 (Mar 12 high).
- Treasury curves bear flattened on Thursday, yields were -1bp to +4bps. The 2y was +3.4bp at 4.637%, the 10y was -0.6bp at 4.268, while the 2y10y was -3.983 at -37.146
- Overnight data: 4Q Current Account Balance -$194.8b vs -$209.0b expected from a revised -$196.4b in Q3 revised, Philadelphia Fed Business Outlook 3.2 vs -2.5 expected, Initial Jobless Claims 210k vs 213k expected, while US Composite PMI was 52.2 vs 52.2 expected, leading Index 0.1% vs -0.1% expected, while Existing Home Sales was 4.38m vs 3.95m expected
- Looking ahead: It's an empty calendar for Friday
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Why MNI
MNI is the leading provider
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