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Tsys Futures Edge Higher, Curve Steepens Ahead Of Jackson Hole

US TSYS
  • Treasury futures have ticked higher this morning, erasing some of the weakness that occurred overnight. the BoJ's Ueda is speaking before parliament currently, there has yet to be any reaction in the market to his early comments. Investors will be largely focused on Powell's speech at Jackson Hole later tonight.
  • So far this morning, TUU4 is +01¼ at 103-07⅞ vs highs of 103-08¼ while TYU4 is + 04 at 113-13+ vs highs of 113-15.
  • looking at the technical levels for TYU4, the bull theme remains intact as we remain above all key moving averages the recent breach of 111-01 (Jun 14 high) confirmed a resumption of the uptrend. Initial resistance is 114-03 (Aug 6 high), while support is 112-29+ (20-day EMA)
  • Overnight tsys roll activity picked up, there has been better buying through the short & belly of the curves.
  • Cash treasury curves are reversing some of the overnight moves with curve bull-steepening, yields are flat to 2.5bps lower, the 2yr is back under 4% at 3.979%, while the 10yr is -1.3bps at 3.841%
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