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Tsys Extend Highs Amid Ongoing French Political Uncertainty

US TSYS
  • Treasuries are higher, taking cues from EGBs again amid ongoing political uncertainty in France after Pres Macron announced a snap election in the aftermath of last Sunday's EU parliamentary elections. Weaker stocks weighed by European banks adding to the bid in rates.
  • Heavy Treasury futures volumes (TYU4>670k), as the Sep'24 10Y contract currently trades +7 at 110-30 vs. 110-31 high. Technical resistance at 111-09 (April 1 high) followed by 111-17.5 (1.236 projection of the Apr 25-May 16-29 price swing).
  • On the flipside, support holds at 109-17.5/109-00.5 (50-day EMA / Low Jun 10 and key support).
  • Cash yields are running mildly lower: 5s -.0337 at 4.2103, 10s -.0368 at 4.2074%, 30s -.0403 at 4.3561%, while curves look flatter: 2s10s -1.463 at -46.942, 5s30s -0.481 at 14.578.
  • This morning's data calendar includes Import/Export price index at 0830ET, followed by UofM Sentiment/inflation expectations at 1000ET.
  • Meanwhile, the Federal Reserve is out of policy blackout, scheduled speakers include Cleveland Fed Mester (three separate appearances at 0830ET, 1315ET and 1600ET), Chicago Fed Goolsbee and Fed Gov Cook later this evening.
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