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Treasury Futures Slightly Weaker, Powell  & Weekly Claims Later

US TSYS
  • Jun'24 10Y futures are weaker and near session lows, moves lower by JGB futures could be having a part in the move, after BoJ Board Member Nakagawa indicated the timing for an interest rate increase is coming closer. Ranges remain tight and well within Wednesdays, we trade just off the daily lows of 111-11+ at 111-12+ down - 03 from NY closing levels.
  • Looking at technical levels, Initial technical resistance is 111-23 (High Mar 6), a break above would open 111-27 (50% retracement of the Feb 1 - 23 bear leg). To the downside, levels to watch include 110-05+/109-25+ (Low Mar 1 / Low Feb 23 and bear trigger), below there 109-14+ (Low Nov 28)
  • Treasury yields are 1-2bps higher today, with the 2Y yield up +1.2bps to 4.566%, 10Y yield up +1.6bps to 4.118%, the 2y10y is+0.303 higher to -45.066.
  • Thursday's data calendar includes Weekly Claims, Unit Labor Cost, and day two of Chairman Powell's testimony.
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