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US TSYS: TY Bearish Trend Intact Ahead of ISM Services & JOLTS

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries are a little off earlier lows but hold a twist steepening ahead of important data in JOLTS and ISM Services reports at 1000ET.
  • Cash yields are 1bp lower (2s & 3s) to 1bp higher (30s), twist steepening with 2s10s at 37bps (+1.2bp) having earlier set fresh highs of 37.6bp since mid-2022.
  • 10Y yields probed 4.64% earlier today (currently 4.632%), having done so yesterday as well, at seven-month highs.
  • TYH5 is within a few ticks of session lows of 108-12+ having held within yesterday’s range throughout, on subdued volumes of 250k.
  • A bearish trend condition remains with support at 108-06+ (Dec 26 low) after which lies 108-00 (Fibo projection of Oct 1-14-16 price swing).
  • Data: Trade bal Nov (0830ET), JOLTS Nov (1000ET), ISM Services Dec (1000ET)
  • Fedspeak: Barkin (0800ET)
  • Note/bond issuance: US Tsy $39B 10Y Note re-open - 91282CLW9 (1300ET)
  • Bill issuance: US Tsy $85B 42D CMB auction (1130ET)
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  • Treasuries are a little off earlier lows but hold a twist steepening ahead of important data in JOLTS and ISM Services reports at 1000ET.
  • Cash yields are 1bp lower (2s & 3s) to 1bp higher (30s), twist steepening with 2s10s at 37bps (+1.2bp) having earlier set fresh highs of 37.6bp since mid-2022.
  • 10Y yields probed 4.64% earlier today (currently 4.632%), having done so yesterday as well, at seven-month highs.
  • TYH5 is within a few ticks of session lows of 108-12+ having held within yesterday’s range throughout, on subdued volumes of 250k.
  • A bearish trend condition remains with support at 108-06+ (Dec 26 low) after which lies 108-00 (Fibo projection of Oct 1-14-16 price swing).
  • Data: Trade bal Nov (0830ET), JOLTS Nov (1000ET), ISM Services Dec (1000ET)
  • Fedspeak: Barkin (0800ET)
  • Note/bond issuance: US Tsy $39B 10Y Note re-open - 91282CLW9 (1300ET)
  • Bill issuance: US Tsy $85B 42D CMB auction (1130ET)