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Waiting for Wed's ADP Private Employ Data

US TSYS
Tsys trade weaker after the bell, off midday lows on decent volumes with London back from summer bank holiday. Dec took lead quarterly (Sep expire late September) bounced briefly after the MNI Chicago Business Barometer fell 6.6 points in August to 66.8, the lowest reading since June after climbing to a two-month high in July.
  • Futures extended session lows into midday, TYZ breaking channel support of 133-17 that had provided support a number of times since April.
  • A clear break lower would highlight an important reversal. Bulls will be looking for the channel to hold and for price to extend the recent climb, initially towards 134-19+. Yield curves not surprisingly bear steepened.
  • Focus on Wednesday's ADP private employ data (+625k est vs. +330k prior) a precursor to Friday's August non-farm payrolls (+750k est vs. +943k prior).
  • The 2-Yr yield is up 0.6bps at 0.2074%, 5-Yr is up 0.5bps at 0.7724%, 10-Yr is up 2.4bps at 1.302%, and 30-Yr is up 2.9bps at 1.9249%.
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