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US: Morning Pullback Postponed as Futures Move Higher.

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  • Having retreating somewhat in Asian morning trading, the  US 10YR Dec24 future has fought its way back to flat in this afternoon’s trade.
  • Cash markets too have turned around and are trading with moderately positive tone with all maturities seeing lower yields.  The 2YR (T4.125 ‘ 26 is at 4.172 (-0.2bp) and the 10YR (T 3.875% 34 at 4.279% (-0.9bp).
  • Volumes appear light which is unsurprising ahead of tonight’s key data releases.
  • Whilst US trading desks were largely seen as short covering, it it wasn’t the case in the morning session in Asian trading, but that has turned around after lunch.
  • Tonight’s major release is the Non-Farm Payroll which surveys expect a mere +100k expansion.
  • Other key data events will be the MNI Chicago PMI and the Unemployment Rate.
  • Fed fund futures remain steady across the next few meetings, with 23.6bps priced for November, 42.9bps for December, and 58.2bps for January.
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  • Having retreating somewhat in Asian morning trading, the  US 10YR Dec24 future has fought its way back to flat in this afternoon’s trade.
  • Cash markets too have turned around and are trading with moderately positive tone with all maturities seeing lower yields.  The 2YR (T4.125 ‘ 26 is at 4.172 (-0.2bp) and the 10YR (T 3.875% 34 at 4.279% (-0.9bp).
  • Volumes appear light which is unsurprising ahead of tonight’s key data releases.
  • Whilst US trading desks were largely seen as short covering, it it wasn’t the case in the morning session in Asian trading, but that has turned around after lunch.
  • Tonight’s major release is the Non-Farm Payroll which surveys expect a mere +100k expansion.
  • Other key data events will be the MNI Chicago PMI and the Unemployment Rate.
  • Fed fund futures remain steady across the next few meetings, with 23.6bps priced for November, 42.9bps for December, and 58.2bps for January.