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Treasury Futures Near Intraday Highs, Yields 1-3bps Lower

US TSYS
  • Jun'24 10Y futures are trading near intraday highs of 108-13, at 108-12+ for a gain of +06 since NY closing levels. Earlier there was a Block buyer of the contract at 108-11+.
  • Cross Market - The Japanese 10Y yield has just hit its highest levels since November, with yields 1-7bps higher, ACGBs are 9-14bps higher, while NZGBs are 11-14bps higher
  • 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 over the first few hours of trading, largely just unwinding some of the large moves made on Wednesday post CPI, with the 2Y yield is -2.3bps at 4.950%, 10Y -1.2bps to 4.531%, while the 2y10y +1.107 at -42.056.
  • Looking Ahead: PPI, Jobless Claims & Fed Speak later today.
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  • Jun'24 10Y futures are trading near intraday highs of 108-13, at 108-12+ for a gain of +06 since NY closing levels. Earlier there was a Block buyer of the contract at 108-11+.
  • Cross Market - The Japanese 10Y yield has just hit its highest levels since November, with yields 1-7bps higher, ACGBs are 9-14bps higher, while NZGBs are 11-14bps higher
  • 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 over the first few hours of trading, largely just unwinding some of the large moves made on Wednesday post CPI, with the 2Y yield is -2.3bps at 4.950%, 10Y -1.2bps to 4.531%, while the 2y10y +1.107 at -42.056.
  • Looking Ahead: PPI, Jobless Claims & Fed Speak later today.