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Treasury Futures Off Earlier Highs, Volumes Above Average

US TSYS
  • Treasury futures are off earlier highs but still trad higher for the days as investors wait for US ISM manufacturing data due out later, volumes are above normal. TU is 101-28+ vs 101-29.25 highs, while TY is 108-29+ vs 108-31 highs.
  • Volumes: TU25k, FV 52k TY 70k
  • Cash treasury curve is slightly flatter, the 2Y unchanged at 4.873%, the 10Y -1bps at 4.489% while the 2y10y was -0.988 at -38.609.
  • APAC Rates: ACGB yields are 2-3bps lower, curve unchanged, while JGB yields are +/- 1bp, the 10y trading at 1.062%, New Zealand markets are closed.
  • Looking ahead; S&P Global US Manufacturing PMI, while the Fed is in blackout period until June 13

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