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Treasury Futures Steady, Off Earlier Highs

US TSYS
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  • Jun'24 10Y futures edged higher this morning, reaching 107-23+. The contract has sold of since and now trades just 01+ higher at 107-20, while 2Y futures are unchanged from NY closing levels.
  • The trend outlook in Treasuries is unchanged and the direction is down. The 10Y contract traded to a fresh cycle low Thursday Initial resistance is 108-13 (20-day EMA), while to the downside, initial support is at 107-04+ (Apr 25 low).
  • Yields and the USD may continue their move higher after PCE has confirmed inflation remains sticky, the upcoming FOMC decision on Wednesday is anticipated to emphasize the importance of exercising patience.
  • Across local rates markets; NZGB yields are 1.5-3bps lower & ACGBs 2-4bps lower with curves flatter.
  • Looking ahead: US to Sell 140b of 13 & 26 week Bills, focus will be on FOMC policy announcement on Wednesday.
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  • Jun'24 10Y futures edged higher this morning, reaching 107-23+. The contract has sold of since and now trades just 01+ higher at 107-20, while 2Y futures are unchanged from NY closing levels.
  • The trend outlook in Treasuries is unchanged and the direction is down. The 10Y contract traded to a fresh cycle low Thursday Initial resistance is 108-13 (20-day EMA), while to the downside, initial support is at 107-04+ (Apr 25 low).
  • Yields and the USD may continue their move higher after PCE has confirmed inflation remains sticky, the upcoming FOMC decision on Wednesday is anticipated to emphasize the importance of exercising patience.
  • Across local rates markets; NZGB yields are 1.5-3bps lower & ACGBs 2-4bps lower with curves flatter.
  • Looking ahead: US to Sell 140b of 13 & 26 week Bills, focus will be on FOMC policy announcement on Wednesday.