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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS
- Treasury futures are slightly lower today, ranges have been tight. Futures made highs on the opened and have since edged lower TU is -0-00⅝ at 102-05⅜, while TY - 01+ at 110-08.
- Volumes: TU 33k, FV 55k TY106k - largely in line with Wednesday.
- Tsys flows: 5,606k Block UXY at 114-00, likely seller.
- The 10Y yield is now testing trendline support, while the recent move in Oil (down ~8% over the past week) could point to a break of the trendline support as the 10y yield has largely followed Oil prices over the past year by a few weeks. See chart 1 - Source BBG
- Cash treasury curve have moved wider today, yields are 1-2bps higher, the 2Y +1.6bp to 4.739%, the 10Y +1.7bps at 4.293%, the 2y10y +0.078 at -44.808.
- Late year rate cut projections have gradually gained vs. late Tuesday levels (*): June 2024 at -1.3% w/ cumulative rate cut -.3bp at 5.328%, July'24 at -18% w/ cumulative at -4.8bp (-4.3bp) at 5.283%, Sep'24 cumulative -19.8bp (-19.3bp), Nov'24 cumulative -28.9bp (-27.8bp), Dec'24 -47bp (-44.3bp).
- Looking ahead; Weekly Claims & Trade Balance as well as ECB policy announcement.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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