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Underperforming EGBs Rally, U.Mich And Earnings In Focus

US TSYS
  • Cash Tsy yields sit 4-5bps lower on the day, with Treasuries following EGBs richer where dovish ECB speak added weight to soft Chinese trade data and ongoing geopolitical tensions.
  • TYM4 at 108-11 (+ 07+) sits within yesterday’s range after another overnight session of above average volumes with more than 430k traded.
  • The bearish trend condition remains in place with support seen at yesterday’s low 107-27+, having taken out the previous support at the round 108-00, after which lies 107-26+ (Fibo projection).
  • Today’s lighter docket sees firm focus on the preliminary U.Mich survey and its inflation expectations components in particular. The start of earning season adds interest with Wells Fargo (Q1 rev $20.86bn vs $20.21bn est.) and JPM (Q1 rev $42.55bn vs $41.64bn est.) releasing results as we type with Citi still to come ahead of the open.
  • Data: International trade prices Mar (0830ET), U.Mich consumer survey Apr prelim (1000ET)
  • Fedspeak: Collins (0900ET), Schmid (1300ET), Bostic (1430ET) and Daly (1530ET) – see STIR bullet.

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