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US TSYS: Off Highs But Post Labor Day Trend Rally Extends Before Payrolls

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have slowly extended the week’s trend rally seen since Labor Day, aided today by weak European equities and industrial data.
  • Cash yields are mostly 3bps lower across the curve, with 2s10s at -1.4bp pulling back after yesterday’s trip back into positive territory.
  • 2Y yields briefly pushed below 3.70% (currently 3.714%) for the first time since global risk-off fallout after last month’s payrolls, whilst 10s are just about holding their breach (currently 3.697%).
  • TYZ4 is at 114-30 (+06) off a latest high of 115-00+ on modest cumulative volumes of 290k.
  • The contract is approaching the bull trigger at 115-19 (Aug 5 high) after which lies the round 116-00, whilst a stronger payrolls report could see support at 113-28 (20-day EMA) start to come more into play again.
  • Data: Payrolls Aug (0830ET) – MNI Preview here.
  • Fedspeak: Williams keynote remarks (0845ET, text + Q&A), Waller on economic outlook (1100ET, text + Q&A), Goolsbee on CNBC (1130ET)
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  • Treasuries have slowly extended the week’s trend rally seen since Labor Day, aided today by weak European equities and industrial data.
  • Cash yields are mostly 3bps lower across the curve, with 2s10s at -1.4bp pulling back after yesterday’s trip back into positive territory.
  • 2Y yields briefly pushed below 3.70% (currently 3.714%) for the first time since global risk-off fallout after last month’s payrolls, whilst 10s are just about holding their breach (currently 3.697%).
  • TYZ4 is at 114-30 (+06) off a latest high of 115-00+ on modest cumulative volumes of 290k.
  • The contract is approaching the bull trigger at 115-19 (Aug 5 high) after which lies the round 116-00, whilst a stronger payrolls report could see support at 113-28 (20-day EMA) start to come more into play again.
  • Data: Payrolls Aug (0830ET) – MNI Preview here.
  • Fedspeak: Williams keynote remarks (0845ET, text + Q&A), Waller on economic outlook (1100ET, text + Q&A), Goolsbee on CNBC (1130ET)