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Underperforming EGBs, Treasury Refinancing Estimates Headline

US TSYS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
  • Treasuries underperform the rally seen in EGBs after softer than expected Spanish CPI before German regional inflation also indicated a national print on the softer side.
  • Cash yields sit 2.5-4.5bp lower after the late open with Japan out, bull flattening with 2s10s at -34.9bps (-2.2bps) at levels more sustainably seen on Apr 23.
  • TYM4 has touched a high of 107-28 (+ 09+) in a move closer to resistance at 108-15+ (20-day EMA), under slightly below average cumulative volumes of 260k.
  • However, gains are considered corrective with support seen at 107-04 (Apr 25 low).
  • Today’s focus is firmly on Treasury’s quarterly financing estimates at 1500ET – we’ll write more on what to expect a little nearer the time.
  • Data: Dallas Fed mfg Apr (1030ET) – the last of the regional Fed mfg surveys for April.
  • Bill issuance: 1130 US Tsy $70B 13W, $70B 26W Bill auctions (1130ET)
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  • Treasuries underperform the rally seen in EGBs after softer than expected Spanish CPI before German regional inflation also indicated a national print on the softer side.
  • Cash yields sit 2.5-4.5bp lower after the late open with Japan out, bull flattening with 2s10s at -34.9bps (-2.2bps) at levels more sustainably seen on Apr 23.
  • TYM4 has touched a high of 107-28 (+ 09+) in a move closer to resistance at 108-15+ (20-day EMA), under slightly below average cumulative volumes of 260k.
  • However, gains are considered corrective with support seen at 107-04 (Apr 25 low).
  • Today’s focus is firmly on Treasury’s quarterly financing estimates at 1500ET – we’ll write more on what to expect a little nearer the time.
  • Data: Dallas Fed mfg Apr (1030ET) – the last of the regional Fed mfg surveys for April.
  • Bill issuance: 1130 US Tsy $70B 13W, $70B 26W Bill auctions (1130ET)