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Treasury Futures Steady, Trade In Tight Ranges Ahead Of 30Y Auction

US TSYS
  • Jun'24 10Y futures are having another very quiet Asia trading session, ranges have remained very tight hitting lows on the open of 111-06, highs of 111-08+ and now trade right in the middle at 111-07+, +02 for the day.
  • Looking at technicals, initial supports holds at 111-03+ (20-day EMA), below there 110-21 (Mar 4 low), to the upside, initial resistance is 112-04+ (Mar 8 highs) while above is 112-10+ (61.8% retracement of the Feb 1 - 23 bear leg)
  • Cash yields are have slghly bull-flattened with the 2Y +0.4bp to 4.590%, 10Y -0.4bp to 4.147%, while the 2y10y is -0.797 at -44.557
  • Looking ahead: Mortgage Applications and a Treasury bond sales the main focus is on Thursday's Retail Sales and PPI data.
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