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US TSYS: Lower But Within Range, Awaiting Election Results

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries are modestly lower today with no specific headlines at play, tracking moves elsewhere as EGBs underperform on German political and fiscal risks plus firmer-than-expected China data.
  • It comes ahead of ISM Services and 10Y supply before attention turns to US presidential election results expected to start rolling in this evening. See MNI’s Election Viewing Guide with an estimated timetable for results here.
  • Cash yields are 1.4-2.6bp higher overnight, with increases led by 7s and 10s.
  • 2s10s at 14.1bps (+1.6bp) keeps to recent ranges.
  • TYZ4 trades at 110-10+ (-01) having remained within yesterday’s range throughout on reasonable cumulative volumes of 310k. The bear cycle remains intact with support at 109-27+ (Nov 1 low) whilst resistance is seen at 110-30 (Nov 1 high).
  • Data: Trade balance Sep (0830ET), S&P Global services/composite Oct final (0945ET), ISM services Oct (1000ET)
  • Note/bond issuance: US Tsy $42B 10Y Note auction - 91282CLW9 (1300ET)
  • Bill issuance: US Tsy $80B 42D CMB auction (1130ET)
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  • Treasuries are modestly lower today with no specific headlines at play, tracking moves elsewhere as EGBs underperform on German political and fiscal risks plus firmer-than-expected China data.
  • It comes ahead of ISM Services and 10Y supply before attention turns to US presidential election results expected to start rolling in this evening. See MNI’s Election Viewing Guide with an estimated timetable for results here.
  • Cash yields are 1.4-2.6bp higher overnight, with increases led by 7s and 10s.
  • 2s10s at 14.1bps (+1.6bp) keeps to recent ranges.
  • TYZ4 trades at 110-10+ (-01) having remained within yesterday’s range throughout on reasonable cumulative volumes of 310k. The bear cycle remains intact with support at 109-27+ (Nov 1 low) whilst resistance is seen at 110-30 (Nov 1 high).
  • Data: Trade balance Sep (0830ET), S&P Global services/composite Oct final (0945ET), ISM services Oct (1000ET)
  • Note/bond issuance: US Tsy $42B 10Y Note auction - 91282CLW9 (1300ET)
  • Bill issuance: US Tsy $80B 42D CMB auction (1130ET)