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US TSYS: Tsys Futures Steady Ahead Of NFP

US TSYS
  • It has been a quiet session for US tsys today, futures have edged slightly over the last hour or so, however remain well within Thursday's ranges. The 2yr is 3.739 % (-1.1bps) while the 10yr is 3.727% (1.1bps)
  • Tsys futures are holding on to this week’s gains and a bullish theme remains intact. The bounce Tuesday, from below the 20-day EMA, highlights a reversal and signals the end of the recent corrective phase. TUZ4 is + 00⅝ at 104-04⅛, while TYZ4 is + 02+ at 114-26+
  • Initial support rests at 113-30+ (20-day EMA), below here 113-12 (Sep 3 lows), while to the upside 114-29+ (Sep 5 highs) & 114-31+ (76.4% retracement of the Aug 5 - 8 pullback)
  • The 2s10s curve continues to trade around flat, currently -1.913 after overnight hitting a high of 1.532 although was unable to close above flat.
  • Fed funds was pricing has cooled slightly vs . Projected rate cut pricing through year end vs Wednesday close levels: Sep'24 cumulative -35.2bp (-36bp), Nov'24 cumulative -71.7bp (-3.2bp), Dec'24 -108.9bp (-111.2bp).
  • Today we have calendar is dominated by payrolls and their implications for Fed policy, later in the session we will hear from the FOMC's Williams, Goolsbee and Waller who are anticipated to provide a final steer on the rate outlook going into the pre-September meeting blackout starting this weekend.
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
USGlobalBulletMarketsFixed Income BulletsRegionNorth America

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