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US TSYS: Veterans Day Holiday, FI Futures Drifting Lower, Focus on CPI/PPI

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • No data Monday in observance of Veterans Day holiday. Cash FI markets closed but futures are open on Globex; NYSE and Nasdaq are open. Focus is on CPI and PPI inflation data this Wednesday and Thursday respectively.
  • Treasury futures are currently trading weaker, lower half of narrow overnight ranges on modest volumes: Dec'24 10Y futures trade 110-00 last (-9) vs. 110-00 low on volume of just over 245,000.
  • Initial technical support below at 109-07 (Low Nov 6 and the bear trigger) followed by 109-05 (76.4% retracement of the Apr - Sep bull cycle (cont)) and 109-00 round number support.
  • Curves twisted fatter as short end rates underperformed Friday, Dec24 not fully pricing another 25bp cut: Projected rate cuts into early 2025 compared to late Friday levels (*): Dec'24 cumulative -17.1bp (-18.7bp), Jan'25 -25.7bp (-25.8bp), Mar'25 -38.9bp (-40.1bp), May'25 -46.9bp (-48.0bp).
  • Cross market roundup: crude trades weaker (WTI -1.23 at 69.15, Gold -18.50 at 2,666.27, USD gaining - extending highs vs. EUR, GBP, ZAR, CHF, CNH, CAD, NOK and SEK.
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  • No data Monday in observance of Veterans Day holiday. Cash FI markets closed but futures are open on Globex; NYSE and Nasdaq are open. Focus is on CPI and PPI inflation data this Wednesday and Thursday respectively.
  • Treasury futures are currently trading weaker, lower half of narrow overnight ranges on modest volumes: Dec'24 10Y futures trade 110-00 last (-9) vs. 110-00 low on volume of just over 245,000.
  • Initial technical support below at 109-07 (Low Nov 6 and the bear trigger) followed by 109-05 (76.4% retracement of the Apr - Sep bull cycle (cont)) and 109-00 round number support.
  • Curves twisted fatter as short end rates underperformed Friday, Dec24 not fully pricing another 25bp cut: Projected rate cuts into early 2025 compared to late Friday levels (*): Dec'24 cumulative -17.1bp (-18.7bp), Jan'25 -25.7bp (-25.8bp), Mar'25 -38.9bp (-40.1bp), May'25 -46.9bp (-48.0bp).
  • Cross market roundup: crude trades weaker (WTI -1.23 at 69.15, Gold -18.50 at 2,666.27, USD gaining - extending highs vs. EUR, GBP, ZAR, CHF, CNH, CAD, NOK and SEK.