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Treasury Futures Tick Higher Testing Tuesday's High Ahead Of CPI Later

US TSYS
  • Jun'24 10Y have edged higher throughout the day, now trading back at Tuesdays highs of 109-23, after we made earlier lows of 109-19+.
  • Looking at technical levels: Initial support lays at 109-00 (round number support), a break here would open up a move to 108-25+ (2.00 proj of Dec 27 - Jan 19 - Feb 1 price swing). While to the upside resistance holds at 110-06 (Apr 4 high), above here 110-24+/31+ (50-day EMA / Mar 27 high and key resistance)
  • Cash Treasury curve has is a touch flatter today with the 2Y yield -0.4bp at 4.738%, 10Y -0.6bp to 4.356%, while the 2y10y +0.180 at -38.486.
  • Cross markets, NZGBs yields are 1-3bps lower post the RBNZ decision to be 5-8bps lower on the day, ACGBs yields are 4-9bps lower
  • Looking Ahead: MBA Mortgage Applications, CPI and March FOMC minutes later today.
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