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Tsys Futures Reopen A Touch Lower Post July 4th Holiday

US TSYS
  • Treasury futures closed early overnight for July 4th Holiday. Ranges have not surprisingly been very tight, TU has opened -0-01+ at 102-03⅜, while TY is -0-04+ at 109-29
  • Focus in the markets overnight has been on the UK election, which in line with expectations, the main opposition Labour party is set for a record majority amid a collapse in support for the governing Conservatives. Markets have seen little reaction to the results.
  • looking ahead to US Payrolls due out later today - Nonfarm payrolls are expected to moderate in June after a surprisingly strong May. However, with heightened uncertainty around what’s the genuine pace of employment growth, there could be greater focus on the unemployment rate to assess labor market imbalances - See MNIs Payroll Preview here.
  • Cash treasuries were close on Thursday and going off futures moves we will be opening little changed from Wednesday.
  • Looking ahead, Employment data, while the Fed's Williams to speak.

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