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US TSYS: Tsys Yields Edge Lower, 2s10s Holding Below 40bps

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Tsys yields have continued to grind lower throughout the Asian session, with yields now 2 to 2.6bps lower with slightly better buying seen through the belly of curves. There has been little in the way of headlines, although we did just see the highest demand for 30yr JGBs since 2020. The 10yr is trading -2.4bps at 4.665%, with the 2s10s curve holding just below 40bps at 39.860
  • Futures are slightly higher, the FV having broken above the overnight highs, last +03¾ at 106-04¼ . TY is +05+ at 108-10, the trend condition is unchanged and remains bearish. This week’s fresh cycle low confirms a resumption of the downtrend. Price has traded through the 108-00 handle exposing 107-19+ next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 109-04+, the 20-day EMA.
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  • Tsys yields have continued to grind lower throughout the Asian session, with yields now 2 to 2.6bps lower with slightly better buying seen through the belly of curves. There has been little in the way of headlines, although we did just see the highest demand for 30yr JGBs since 2020. The 10yr is trading -2.4bps at 4.665%, with the 2s10s curve holding just below 40bps at 39.860
  • Futures are slightly higher, the FV having broken above the overnight highs, last +03¾ at 106-04¼ . TY is +05+ at 108-10, the trend condition is unchanged and remains bearish. This week’s fresh cycle low confirms a resumption of the downtrend. Price has traded through the 108-00 handle exposing 107-19+ next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 109-04+, the 20-day EMA.