MEXICO: Consumer Confidence Edges Down In June, Below Expectations
Jul-04 12:01
* "*MEXICO JUNE CONSUMER CONFIDENCE 45.427" - BBG * Confidence falls from 46.5 in May....
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US DATA: Mortgage Applications Dip Despite Modest Rate Relief
Jun-04 11:47
- MBA composite applications dipped -3.9% last week (sa) for a third consecutive weekly decline.
- Unusually, it was led by new purchases (-4.4% admittedly after 2.7%) whilst refis fell further (-3.5% after -7.1%).
- Relative levels for context: composite applications at 48% of 2019 averages (lowest since late April), new purchases at 60% (lowest since late April) and refis at 35% (lowest since Feb).
- The decline came despite the 30Y conforming mortgage rate falling 6bps to 6.92%, to reverse the prior week’s increase to what had been its highest since January.
- The spread of 30Y mortgages to 10Y swap rates was broadly stable but still on the higher side for the past year. It increased 2bp to 303bp having fluctuated between 315bp in early May (highest since early 2024 as banks tightened conditions) and 296bp in mid-May (lowest since reciprocal tariffs were announced in early April).
US TSY FUTURES: BLOCK: Sep'25 2Y Sale
Jun-04 11:44
- -2,600 TUU5 103-19.12, post time bid at 0727:00ET, DV01 $95,600.
- The 2Y contract trades 103-18.88 last (-0.88), current lows
US TSY FUTURES: BLOCK: Sep'25 5Y Sale
Jun-04 11:40
- -5,000 FVU5 107-30.5, post time bid at 0716:30ET, DV01 $323,500.
- Contributing to the latest round of selling, the 5Y contract trades 107-29 last (-2).
