Free Trial

Tsys Futures Edge Lower As Haven Trade Unwinds, Curve Bear-Steepens

US TSYS
  • Jun'24 10Y futures have edged lower today, hitting a low of 107-17+ we trade just off these levels now down - 09 + at 107-19+, below Thursday's lows and are eyeing a test of initial support is at 107-13+ (Apr 16 low).
  • Cash Treasury curve has bear-steepened today with yields 1-4bps higher, the 2Y yield is +1.6bps at 5.001%, 10Y +3.5bps to 4.656%, while the 2y10y was +1.951 at -34.985.
  • Across local rate markets, NZGBs are 6-7bps higher, ACGBs are 5-7bps higher and JGBs are 1-4bps higher, in the EM space INDON & PHILIP yields are 1-5bps higher.
  • Projected rate cut pricing held largely steady vs. late Thursday lvls: May 2024 -2.6% w/ cumulative -0.6bp at 5.322%; June 2024 at -13.5% w/ cumulative rate cut -4.5bp at 5.283%. July'24 cumulative at 12.1bp, Sep'24 cumulative -23bp.
  • Looking ahead: Chicago Fed Nat Activity Index later Today
141 words

To read the full story

Close

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.
  • Jun'24 10Y futures have edged lower today, hitting a low of 107-17+ we trade just off these levels now down - 09 + at 107-19+, below Thursday's lows and are eyeing a test of initial support is at 107-13+ (Apr 16 low).
  • Cash Treasury curve has bear-steepened today with yields 1-4bps higher, the 2Y yield is +1.6bps at 5.001%, 10Y +3.5bps to 4.656%, while the 2y10y was +1.951 at -34.985.
  • Across local rate markets, NZGBs are 6-7bps higher, ACGBs are 5-7bps higher and JGBs are 1-4bps higher, in the EM space INDON & PHILIP yields are 1-5bps higher.
  • Projected rate cut pricing held largely steady vs. late Thursday lvls: May 2024 -2.6% w/ cumulative -0.6bp at 5.322%; June 2024 at -13.5% w/ cumulative rate cut -4.5bp at 5.283%. July'24 cumulative at 12.1bp, Sep'24 cumulative -23bp.
  • Looking ahead: Chicago Fed Nat Activity Index later Today