Yields Drift Higher Ahead of US Payroll Data Tonight

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

Tsys futures have been grinding lower in Asia trading today ahead of US payroll data out later tonight, Cash yields higher by 1-2bp 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 1-2bps higher, the 2Y is trading at 4.221% (1.9bps higher), while the 10Y is 3.889% (1bp 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.