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Treasury Futures Off Thursday Lows, Yields Flat - 1bp Lower

US TSYS
  • Jun'24 10y futures have had a quiet start to trading on Friday, volumes are low, while we trade up + 01+ at 110-14. Thursday saw decent ranges as futures rallied heading into PMI hitting highs of 110-26+, before selling off post PMI data making lows of 110-08+
  • 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 twist flattened on Thursday; yields were -1bp to +4bps. As cash trading gets underway on Friday yields are flat to 1bps lower, the 2y is -0.6bp at 4.630%, the 10y is -0.8bp at 4.259%, while the 2y10y is --0.152 at -37.298, down from a high of -32.00 on Thursday.
  • Looking ahead: It's an empty calendar for Friday, while Fed's Barr & Fed's Bostic will speak
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