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A$ Regains Poise On Equity Bounce


TYU2 Operates Around Late Friday Levels


(U2) Back Above Bear Trigger


Moody’s Affirmed The U.S. On Friday

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Yields Edge Lower As Dollar Weakens


Constructive if somewhat limited moves in Tsys so far Tuesday, with little newsflow/ few data/speakers driving. Saw a bit of curve bull flattening in the Asia-Pac session, but the move petered out by early London trading with TYs off the highs as equities found their feet after an early dip.

Also of note is the continued weakness in the USD, with Tsys coming off the highs as DXY extended to 2-yr lows.

Sep 10-Yr futures (TY) up 2/32 at 139-12.5 (L: 139-09 / H: 139-16), though volumes remain on the light side (<200k as of 0630ET).

Curve a little flatter: 2-Yr yield is unchanged at 0.1511%, 5-Yr is down 0.8bps at 0.2802%, 10-Yr is down 1.5bps at 0.6736%, and 30-Yr is down 2.1bps at 1.4128%.

Jul Housing Starts/Building Permits (0830ET) the only data point, and no scheduled Fed speakers (FOMC Jul minutes out Weds).

Supply: $60B total in 42-/119-day bills (1130ET), prior to which (1100ET) we get upcoming bill announcements. NY Fed buys ~$8.8B of 2.25Y-4.5Y Tsys.

MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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