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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUS TSYS: Modestly Cheaper, Jobless Claims And Flash PMIs In Focus
- Treasuries have sold off across the curve in European hours, aided by stronger EZ PMIs despite concerns of being boosted by temporary Olympics-related services strength from France. There is also arguably a supply chain pressure angle, especially at the front end, as major Canadian rail strikes went ahead today even if they weren’t likely a complete surprise.
- Today’s focus is on jobless claims – with initial claims covering a payrolls reference period – and flash PMIs but there are also various FOMC appearances throughout the session.
- Cash yields are 2.1-3.4bps higher, led by 3s. The front end to belly remains within yesterday’s range but longer-dated yields are breaking higher after yesterday’s bull steepening with 2s10s at -13.6bps.
- TYU4 at 113-17 (- 11) is at the low end of yesterday’s range having pulled back from its high of 114-01 whilst volumes are elevated at a cumulative 390k but boosted by roll activity.
- The trend needle still points north despite the overnight decline. Resistance is seen at 114-03 (Aug 6 high) before 114-16 (Fibo retracement of Aug 5-8 pullback).
- Data: Weekly jobless claims (0830ET), Chic Fed national activity Jul (0830ET), S&P US prelim Aug (0945ET), Existing home sales Jul (1000ET) and KC Fed mfg Aug (1100ET)
- Fedspeak: Schmid on CNBC (0730ET), Collins on Fox Business (approx. 0830ET), Harker on CNBC (1000ET).
- Note/bond issuance: US Tsy $8B 30Y Tips reopen auction (1300ET)
- Bill issuance: US Tsy $95b 4- and $90b 8W bill auctions (1130ET)
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Why MNI
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