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USDCAD TECHS

Impulsive Rally Extends

US TSYS

Late Eurodollar/SOFR/Treasury Option Roundup

EURJPY TECHS

Price Is Below The 50-Day EMA

US

Late Corporate Credit Update

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What to Watch: More Housing Data, IP, CapU

MARKET INSIGHT

Tsys trading mildly weaker, near recent overnight lows amid light volumes (TYU2<205k). Relative calm ahead latest housing data at 0830ET (prior, est):

    • Building Permits (1.696M rev, 1.650M), MoM (0.1% rev, -2.7%)
    • Housing Starts (1.559M, 1.530M), MoM (-2.0%, -1.9%), followed by:
    • Industrial Production MoM (-0.2%, 0.3%), 0915ET
    • Capacity Utilization (80.0%, 80.2%), 0915ET
    • Mfg Production (-0.5%, 0.4%), 0915ET
  • Fed speakers: No scheduled speakers as yet, markets await the release of the July FOMC minutes tomorrow at 1400ET.
  • Treasury auctions: No Tsy supply today, resumes Wednesday with $15B 20Y Bond (912810TK4) at 1300ET.
  • Equity earnings: Retailers rounding up the latest cycle this week, Home Depot (HD) beat exp: $5.05 vs. $4.983 exp, Walmart (WMT) beat: $1.77 vs. $1.626 exp. Meanwhile, SPX trades -2.25 at 4296.00, inside narrow O/N range.
    • Waiting for Target (TGT) early Wednesday: $0.725 est; Lowe's Group (LOW) early Wednesday: $4.611 est; Tech: Cisco (CSCO) early Wednesday: $0.816 est; Applied Materials (AMAT) $1.77 est early Thu.
  • Geopol: EU Has Received Iran Response To JCPoA Doc, Talking w/US On Way Ahead-Spox: Abas Aslani at the Center for Middle East Strategic Studies: "Asked on if EU has received Iran’s response, [EU spox Nabila Massrali] said “we have received the Iranian response last evening. We are studying it and are consulting with the other JCPOA participants and the US on the way ahead.
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Tsys trading mildly weaker, near recent overnight lows amid light volumes (TYU2<205k). Relative calm ahead latest housing data at 0830ET (prior, est):

    • Building Permits (1.696M rev, 1.650M), MoM (0.1% rev, -2.7%)
    • Housing Starts (1.559M, 1.530M), MoM (-2.0%, -1.9%), followed by:
    • Industrial Production MoM (-0.2%, 0.3%), 0915ET
    • Capacity Utilization (80.0%, 80.2%), 0915ET
    • Mfg Production (-0.5%, 0.4%), 0915ET
  • Fed speakers: No scheduled speakers as yet, markets await the release of the July FOMC minutes tomorrow at 1400ET.
  • Treasury auctions: No Tsy supply today, resumes Wednesday with $15B 20Y Bond (912810TK4) at 1300ET.
  • Equity earnings: Retailers rounding up the latest cycle this week, Home Depot (HD) beat exp: $5.05 vs. $4.983 exp, Walmart (WMT) beat: $1.77 vs. $1.626 exp. Meanwhile, SPX trades -2.25 at 4296.00, inside narrow O/N range.
    • Waiting for Target (TGT) early Wednesday: $0.725 est; Lowe's Group (LOW) early Wednesday: $4.611 est; Tech: Cisco (CSCO) early Wednesday: $0.816 est; Applied Materials (AMAT) $1.77 est early Thu.
  • Geopol: EU Has Received Iran Response To JCPoA Doc, Talking w/US On Way Ahead-Spox: Abas Aslani at the Center for Middle East Strategic Studies: "Asked on if EU has received Iran’s response, [EU spox Nabila Massrali] said “we have received the Iranian response last evening. We are studying it and are consulting with the other JCPOA participants and the US on the way ahead.