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US 10yr Yield at a new 2024 high

US TSY FUTURES
  • US Tnotes continues to see some momentum selling, and as noted previously, there was no no news or headline to explain the sudden leg lower, earlier, although the better US IJC is keeping the lid on the contract.
  • In terms of flow, there was clearly some selling interest and hour ago, as the contract drifted back below 109.20, with a couple of 10k clips sellers, most likely some short term long play bailing out as the early price action in Futures failed to really extend higher.
  • Legging Rolls was also not a driver, with the spread underpinned so far today.
  • With the break of the 109.15 support and US 10yr Yield slowly clearing the 4.33% level, not broken in the past 6 session, next support comes at 109.03 = 4.40%.
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