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US TSYS: Tsys Futures Pare Earlier Losses, Cash Trading Closed

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Tsys futures opened the session lower, with all contracts trading below Dec 31 lows, we have however seen a reversal over the past few hours and now trade little changed, volumes are below average, although this isn't surprising as cash trading is closed with Japan out. TU is -00⅜ at 102-25⅜, while TY is trading -00+ at 108-23+
  • The trend condition in Treasury futures remains bearish despite the intraday rally into the Monday close. The gains made heading into year-end are considered corrective below the 109-12 20-day EMA. The 10yr contract has traded through key short-term support and the bear trigger at 109-02+, the Nov 15 low. The breach confirms a resumption of the downtrend and opens 108+12+, a Fibonacci projection.
  • Cash tsys yields closed December 31 higher, with the 10yr trading to 4.569% just off the monthly highs of 4.635%. The 2s10s curve is at its steepest levels for the past year at 32.5bps, while the 2s30s closed the year at 54bps, just shy of its steepest levels set back in September of 60bps.
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  • Tsys futures opened the session lower, with all contracts trading below Dec 31 lows, we have however seen a reversal over the past few hours and now trade little changed, volumes are below average, although this isn't surprising as cash trading is closed with Japan out. TU is -00⅜ at 102-25⅜, while TY is trading -00+ at 108-23+
  • The trend condition in Treasury futures remains bearish despite the intraday rally into the Monday close. The gains made heading into year-end are considered corrective below the 109-12 20-day EMA. The 10yr contract has traded through key short-term support and the bear trigger at 109-02+, the Nov 15 low. The breach confirms a resumption of the downtrend and opens 108+12+, a Fibonacci projection.
  • Cash tsys yields closed December 31 higher, with the 10yr trading to 4.569% just off the monthly highs of 4.635%. The 2s10s curve is at its steepest levels for the past year at 32.5bps, while the 2s30s closed the year at 54bps, just shy of its steepest levels set back in September of 60bps.