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US TSYS: Mild Bear Flattening Into A Thin Docket

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries sit modestly bear flatter although it’s only really the very long end that outperforms. Treasuries underperform EGBs and Gilts ahead of a particularly thin docket, with higher yields moving in lockstep with USDJPY gaining strongly after a dovish Ueda.
  • Cash yields range from 0bp to 1.5bp higher, with 30s lagging the increases.
  • 2s10s at 13.1bps (-0.5bp) has pulled back only modestly from overnight fresh two-year highs of 15bps.
  • TYZ4 sits at session lows of 114-25 (+ 01+) on middling volumes of 305k, but has remained within yesterday’s range throughout.
  • Yesterday saw a low of 114-16 after surprisingly low jobless claims, piercing support at 114-23 (20-day EMA) but the pullback is deemed corrective with resistance at the bull trigger of 115-23+ (Sep 11 high).
  • Data: State-level labor data (1000ET)
  • Fedspeak: Harker gives a lecture on the Fed (1400ET)
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  • Treasuries sit modestly bear flatter although it’s only really the very long end that outperforms. Treasuries underperform EGBs and Gilts ahead of a particularly thin docket, with higher yields moving in lockstep with USDJPY gaining strongly after a dovish Ueda.
  • Cash yields range from 0bp to 1.5bp higher, with 30s lagging the increases.
  • 2s10s at 13.1bps (-0.5bp) has pulled back only modestly from overnight fresh two-year highs of 15bps.
  • TYZ4 sits at session lows of 114-25 (+ 01+) on middling volumes of 305k, but has remained within yesterday’s range throughout.
  • Yesterday saw a low of 114-16 after surprisingly low jobless claims, piercing support at 114-23 (20-day EMA) but the pullback is deemed corrective with resistance at the bull trigger of 115-23+ (Sep 11 high).
  • Data: State-level labor data (1000ET)
  • Fedspeak: Harker gives a lecture on the Fed (1400ET)