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Weaker Ahead Of ISM And Jobless Claims Data

US TSYS SUMMARY

Treasuries have weakened overnight to begin the month/quarter/half, with data providing the focus of Thursday's session.

  • Sep 10-Yr futures (TY) down 7.5/32 at 132-10, albeit within a limited range (L: 132-08 / H: 132-12) and <200k traded as of 0630ET.
  • The 2-Yr yield is up 0.4bps at 0.2527%, 5-Yr is up 0.5bps at 0.8942%, 10-Yr is up 0.8bps at 1.4764%, and 30-Yr is up 1.4bps at 2.1%.
  • Price action elsewhere is a little more inspiring: S&P futures have moved back flat after hitting fresh all-time highs overnight; DXY is at 3-month highs.
  • Jun Challenger job cuts (0730ET) and weekly jobless claims (0830ET) give a bit more color on the labor market situation ahead of Friday's employment report. 0945ET sees final Jun Manuf PMI, with ISM Manuf more closely watched at 1000ET, alongside May construction spending.
  • The only scheduled speaker ahead of the Independence Day weekend is Atlanta's Bostic (1400ET).
  • Tsy auctions $80B total of 4-/8-week bills. NY Fed buys ~$2.025B of 22.5Y-30Y Tsys.
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