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Treasury Futures Unchanged, Biden Speaks At State Of Union

US TSYS
  • Jun'24 10Y futures are back to unchanged as we head into the Asia break, ranges have been tight with lows of 111-19+ and highs of 111-23 and currently at 111-21
  • Futures briefly traded above initial resistance at 111-23 (Mar 6 highs) on Thursday, a break and hold above there opens 111-27 (50% retracement of the Feb 1 - 23 bear leg) further up 112-04 (Feb 7 highs), while to the downside 110-21 (Mar 4 lows) and 110-05+/109-25+ (Low Mar 1 / Low Feb 23 and bear trigger)
  • Treasury yields are 0-1bp higher with the 2Y +0.6bp higher at 4.508%, 10Y is +0.6bps higher at 4.088%
  • Biden is speaking at the State Of Union although there hasn't been much to note as of yet.
  • Looking ahead February Employment Report.

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