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Treasury Futures Little Changed, Bullish Bets Hit Lowest Since July

US TSYS
  • Jun'24 10Y futures have traded sideways on Wednesday, while volumes remained on the low side, we hit lows of 110-19 and a high of 110-21+ and now trade - 00+ at 110-20. 5Y traded similar making lows of 106-30+ and a high of 107 heading into the European open we currently trade -00+ for the day at 106-31
  • Looking at technical levels: Initial support lays at 110-08+ (Mar 21 low) while below here the 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low). While to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 110-31+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash Treasury curve has done very little today with the 2Y yield +0.4bp at 4.595%, 10Y +0.2bp to 4.234%, while the 2y10y unchanged at -36.354
  • (Bloomberg) -- What Baltimore Bridge Collapse Means for Inflation (See link)
  • (Bloomberg) -- Bond Managers Unwind Bullish Futures Bets to Lowest Since July (See link)
  • Wednesday Data Calendar: Wholesale Sale/Inventories, Tsy $43B 7Y Note Auction while Fed Gov Waller will discuss economic outlook at Economic Club NY at 1800ET (text, Q&A).

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