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Treasury Futures Unchanged, Volumes Light, Durable Goods Later

US TSYS
  • Treasury futures have done very little in the first two hours of trading, the curve is little changed. 10Y futures are - 01 at 108-01+, while 2Y futures are - 00⅜ at 101-18 ⅞ from NY closing levels.
  • Treasuries are in consolidation mode, the trend outlook is unchanged and a bear cycle remains in play. 10Y futures initial resistance is 108-22+ (Apr 19 high), while to the downside, initial support is at 107-13+ (Apr 16 low).
  • Cash Treasury curve bear-steepened on Tuesday with yields -4bps to +1.5bp, yields are opening largely unchanged across the curve on Wednesday. The 2Y yield -0.4bps to 4.927%, 10Y -0.2bps to 4.598%, while the 2y10y unchanged at -33.486
  • Across local rate markets, NZGBs curve is steeper with yields 0.5bp lower to 0.5bp higher, ACGBs curve is flatter with yields 2-4bps higher, while JGBs curve is twisted with yields 0.5bp lower to 2bps higher.
  • Looking ahead: Durable/Capital Goods, Tsy Auctions.
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