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Treasury Futures Steady, Ranges Tight Ahead of Fed Speakers Later

US TSYS
  • Jun'24 10Y futures have edged slightly higher throughout the session and the contract now trades back above initial support up 03 to 109-26. Ranges have been tight with a low of 109-23 and a high of 109-27.
  • Looking at technical levels: Initial support lays at 109-24+ (March 18 low and bear trigger) while below here the 109-14+ (Nov 28 low /Mar 2 low) a move back below here would open a move to 109-12+ (1.764 proj of Dec 27 - Jan 19 - Feb 1 price swing). While to the upside resistance holds at 110-29+/31+ (50-day EMA / Mar 27 high), above here 111-10+ (Mar 13 high).
  • Cash Treasury Curve has flattened today with yields flat to 1bp lower, the 2Y yield unchanged at 4.689%, 10Y -0.6bps to 4.343%, while the 2y10y +0.807 at -34.982
  • Looking Ahead: ADP Jobs, S&P Global US Services/Composite PMIs (final), ISM Services and multiple Fed Speakers through the session.
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