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Treasury Futures Open Asia Lower, Powell Policy Testimony Later Today

US TSYS
  • Jun'24 10Y futures are slightly lower in the first hour of trading for Wednesday, down - 02+ to 111-07, although off the opening lows of 111-05+.
  • Initial technical resistance at 111-11+ (38.2% retracement of the Feb 1 - 23 bear leg) a level we broke above on Tuesday but unable to hold on to, a break above would open 111-24+ (High Feb 13), while to the downside levels to include 110-05+/109-25+ Low Mar 1 / Low Feb 23 and bear trigger.
  • Treasury curves bull flattened on Tuesday with yields 4-7bps lower across the curve, as cash trading gets underway in Asia yields are largely unchanged, the 2Y is -0.2bps lower at 4.556% while 10Y +0.2bp higher at 4.154%.
  • Looking Ahead: MBA Mortgage Applications, ADP Employment Change, JOLTS Job Openings, Wholesale Inventories MoM, Federal Reserve Releases Beige Book, While Fed Chair Powell Testifies Before Congress
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