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Treasury Futures Steady, Ranges Tight Ahead of Fed Speakers Later

US TSYS
  • Jun'24 10Y futures are back to opening levels, trading at 109-24, ranges have remained very tight throughout the day, with highs of 109-27 and lows of 109-23, while volumes have remained on the low side. Earlier there was a block trade looked like a seller of the 2Y contract in 2,500 size.
  • 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 have bear-flattened today with yields flat to 1bp higher, the 2Y yield +0.6bp at 4.695%, 10Y +0.8bps to 4.357%, while the 2y10y unchanged at -34.212
  • Been little in the way of headlines, other than "YELLEN SAYS CHINA WON'T OVERWHELM US INDUSTRY AGAIN: WSJ"
  • 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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