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Yields Drift Higher Ahead of US Payroll Data Tonight

US TSYS

TYH4 is trading at 112-22+, - 06 from NY closing levels.

Tsys futures are grinding lower in Asia trading today ahead of US payroll data out later tonight, Cash yields higher by 1bp across the curve.

  • Overnight TYH4 hit highest levels since late Dec at 113-06.5 (+28), this was well through initial resistance of 112-26.5, however we have failed so far to stay above these levels.
  • Cash yields opened unch-0.5bp higher, and yields have continued to move higher throughout the day currently 1-1.5bps higher, the 2Y is trading at 4.217% (1.4bps higher), while the 10Y is 3.892 (1.1bps higher)
  • JP Morgan was out earlier calling for investors to take profit on their long 5y treasury position, as the 5y surged this week amid regional banking concerns.
  • Fed chair, Powell will appear on 60 Minutes Sunday evening at 7pm ET
  • Data Tonight: Jan Employ Report, UofM Inflation Expectations, Dec Factory and Durable Goods orders.
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