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Yesterday’s Strong Rally Slightly Pared Ahead Of Monthly PCE Data

US TSYS

TYH4 is currently trading at 110-08, -0-02 from NY closing levels, after giving up earlier Asia-Pac session gains.

  • According to MNI’s technicals team, the focus is on 110-25, a Fibonacci projection, whilst initial key support has been defined at 108-18+ (Nov 27 low).
  • Cash US tsys are dealing flat to 2bps cheaper in the Asia-Pac session, with a slight steepening bias apparent. There has been little in the way of meaningful newsflow, with weaker-than expected Official China PMI failing to move the market in a positive direction despite a softening across most-sub-indices. Possibly, local participants have focused on yesterday’s upward revision to Q3 US GDP.
  • Later today sees the monthly PCE report, weekly jobless claims, the MNI Chicago PMI and pending home sales, before Chair Powell swings into focus on Friday.
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