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Treasury Futures Unchanged In Early Trade

US TSYS
  • Jun'24 10Y futures have done very little in the first few hours of trading on Wednesday, we trade unchanged at 110-20+ after earlier hitting morning lows of 110-19.
  • Looking at technical levels: Initial support lays at 110-08+ (Mar 21 low) while below here the 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low). While to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 110-31+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash Treasury curve bull-steepened on Tuesday, with yields +0.6 to -2bps, as cash trading opens on Wednesday the 2Y yield is unchanged at 4.591%, 10Y +0.2bps to 4.234%, while the 2y10y +0.207 at -36.141
  • Wednesday Data Calendar: Wholesale Sale/Inventories, Tsy $43B 7Y Note Auction while Fed Gov Waller will discuss economic outlook at Economic Club NY at 1800ET (text, Q&A).

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