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US TSYS: Treasuries Outperform Further Gilts Rout, Further Key Data Ahead

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have rallied modestly overnight but with most of the curve except the very long end broadly consolidating yesterday’s sell-off driven by strong US data and spillover from Gilt selling after the UK budget yesterday.  
  • Treasuries outperform both Gilts in particular and EGBs today, with Gilts seeing further heavy fallout post-Budget and some stronger European data.
  • Cash yields are 1.5-3bp lower on the day, with declines led by 30s, whilst 2s10s at 11bps is towards the low end of the past couple weeks.
  • TYZ4 trades at 110-17 having kept to relatively narrow ranges on reasonable cumulative volumes of 375k. An earlier low of 110-12+ came close to the week’s recent low of 110-09+ (initial support before the round 110-00).
  • Data headlines the docket but it's also another important day for earnings, especially later on with some highlights being Amazon, Apple and Intel all after market. That's all before nonfarm payrolls tomorrow.
  • Data: Challenger job cuts Oct (0730ET), PCE/Incomes Sep (0830ET), ECI Q3 (0830ET), Weekly jobless claims (0830ET), MNI Chicago PMI Oct (0845ET).
  • Bill issuance: US Tsy $95B 4W & $90B 8W Bill auctions
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  • Treasuries have rallied modestly overnight but with most of the curve except the very long end broadly consolidating yesterday’s sell-off driven by strong US data and spillover from Gilt selling after the UK budget yesterday.  
  • Treasuries outperform both Gilts in particular and EGBs today, with Gilts seeing further heavy fallout post-Budget and some stronger European data.
  • Cash yields are 1.5-3bp lower on the day, with declines led by 30s, whilst 2s10s at 11bps is towards the low end of the past couple weeks.
  • TYZ4 trades at 110-17 having kept to relatively narrow ranges on reasonable cumulative volumes of 375k. An earlier low of 110-12+ came close to the week’s recent low of 110-09+ (initial support before the round 110-00).
  • Data headlines the docket but it's also another important day for earnings, especially later on with some highlights being Amazon, Apple and Intel all after market. That's all before nonfarm payrolls tomorrow.
  • Data: Challenger job cuts Oct (0730ET), PCE/Incomes Sep (0830ET), ECI Q3 (0830ET), Weekly jobless claims (0830ET), MNI Chicago PMI Oct (0845ET).
  • Bill issuance: US Tsy $95B 4W & $90B 8W Bill auctions