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Tsys Futures Edge Lower Ahead Of US Jobless Claims

US TSYS
  • Treasury futures have edged lower throughout the day and now trade at session's worst as cash trading returned from a break. TUU4 is -0-02⅜ at 102-05¾, while TYU4 is -0-08+ at 110-17.
  • We have broken below Wednesday lows across the curve, although TYU4 still holds well above initial support at 109-22+ (50-day EMA).
  • Cash treasuries are cheaper across the curve today with slightly better selling through the belly, yields are +2-3bps. The 2Y is +2.3bps at 4.735%, 5Y +3bps at 4.273% while the +2.7bps at 4.25%, the 2y10y is a touch higher than Tuesday's & the YTD lows +0.801 at -48.768 vs -49.936 lows.
  • APAC markets: NZ GDP came in above estimates at 0.2% vs 0.1%, we had some weak bond auction results earlier with NZGBs closing 4.5-6bps cheaper across the curve, ACGBs are 2-3bps cheaper, curve has steepened. While Japan had a solid 5y auction, the curve has bull-flatten with yields +/- 2bps
  • The Fed's Neel Kashkari and Thomas Barkin will speak later today
  • Looking ahead, Weekly Claims, House Starts & Build Permits while the Bank of England makes their policy announcement.
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