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TYZ2 Approaches Key Support; Cash Closed

US TSYS

TYZ2 is -0-01+ at 114-22+, extending a move away from Friday’s intraday highs at writing, paring some of that session’s gains. Cash Tsys will be closed owing to observance of a holiday in Japan.

  • To recap, cash Tsys twist steepened on Friday, running 4.5bp richer to 4.0bp cheaper across the curve, pivoting around 10s, in a session that saw 2-Year Tsy yields briefly hit fresh 15-year highs above the 3.91% mark.
  • Sep FOMC dated OIS have also continued to moderate from their recent, post U.S.-CPI highs, and now price in ~80bp of tightening, down from as much as ~85bp observed last week.
  • From a technical perspective, TYZ2 has breached initial support at 114-12+ (Sep 14 low), exposing key support at 114-06 (Jun 14 low). On the other hand, initial resistance is seen at 116-04+ (Sep 13 high).
  • Looking ahead, there is little by way of data releases of note scheduled for Asia-Pac hours.
  • Apart from that, participants will be eyeing a relatively smaller round of corporate bond issuance and $12bn of 20-Year Tsys on auction early this week, with the FOMC decision on Wednesday remaining the key risk event.
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