April 23, 2024 03:24 GMT
Treasury Futures Little Changed, Curve Slightly Steeper
US TSYS
- Treasury futures have done very little on Tuesday, ranges are tight and volumes are on the low side, following on from the US session when volumes were at about 60% verse the 20-day average, Jun'24 10Y contract is up + 01 to 107-28+, a downward trend remains and a bear cycle remains in play, initial support is at 107-13+ (Apr 16 low), while initial resistance is 108-22+ (Apr 19 high).
- Cash Treasury curve is slightly steeper on Tuesday with the 2Y yield -0.2bps to 4.969%, 10Y +0.6bps to 4.615%, the 2y10y is +0.617 at -35.879.
- Across local rate markets, NZGBs are 5-6bps lower, ACGBs are 1-3bps lower and JGBs are 1-3bps higher, in the EM space INDON & PHILIP yields are 1-4bps lower.
- Looking ahead: Philadelphia Fed Non-Manufacturing Activity, S&P Global US PMI, New Home Sales
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