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Tsys Futures Hold Steady Off Post CPI Lows, PPI & Jobless Claims Later

US TSYS
  • Jun'24 10Y futures edged higher in the first hour or so of trading, making intraday highs of 108-12, and lows of 108-08+, we now trade in the middles of the mornings ranges at 108-10+ up + 04 from NY closing levels
  • Cross Market - The Japanese 10Y yield has just hit its highest levels since November, with yields 1-8bps higher, ACGBs are 8-13bps higher, while NZGBs are 12-15bps higher
  • Looking at technical levels: Initial support lays at 108-06+ (2.236 proj of Dec 27 - Jan 19 - Feb 1 price swing), below here 108-05+ (Apr 10 lows) and 108-00 (round number support). While to the upside resistance holds at 109-26+ (Apr 10 high), a break back above here would open up 110-06 (Apr 4 high)
  • Cash Treasury curve Bear-flattened on Tuesday, with yields 12-23bps higher. As trading gets underway on Thursday curves are steepening with the 2Y yield is -1.5bps at 4.958%, 10Y -0.2bp to 4.541%, while the 2y10y +0.831 at -42.292.
  • Looking Ahead: PPI, Jobless Claims & Fed Speak later today.
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