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Tsys Futures Edge Lower Ahead Of US NFP later

US TSYS
  • Treasury futures edged lower during the morning session, and have since held of session since, although still trade well within Thursday's ranges. The front-end is slightly underperforming with TU is -0-01⅛ at 102-05⅝, while TY is -0-03+ at 110-08.
  • Volumes: TU 35k, FV 45k & TY 75k, down on previous sessions.
  • Looking at TYU4 technical levels, initial support is at 109-14 (50-day EMA), with the 109-07 (20-day EMA) the next target. While to the upside initial resistance is at 110-12+ (June 5 high), a break here would see a test of 110-17 (April 4 highs)
  • Cash treasury curve slightly flatter today with yields about 1bpd higher. The 2Y +1.2bp to 4.736%, the 10Y +1bp at 4.297%, while 2y10y is -0.281 at -44.398.
  • APAC Rates: ACGB curve has steepened, with yields +/- 1bp, NZGB yields 0.5-1.5bps lower, ANZ now calling for a rate cut in Feb from May, while JGBs are 1-3bps higher, reversing earlier moves, the 20y was -8bp lower at one point and now trade +2.3bps higher.
  • Looking ahead; NFP and Wholesale Inventories
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