US TSYS: Fresh Highs See TYU5 Meet Resistance
May-29 16:13
- Treasuries have tilted to fresh session highs but still roughly continue a stabilization seen a little before the above headlines landed on the Trump administration asking the appeals court to pause the U.S. Court of International Trade ruling and that it may seek emergency relief from the Supreme Court tomorrow.
- A further decline in US equity futures is helping support gains, with ESM5 touching 5884 having topped out at 6008 in London trading for a 2.1% intraday slide. A latest step lower has come with the NYSE TICK index registering multiple ~1000 name sell programs.
- TYU5 has hit session highs of 110-21, testing resistance at the same 110-21 (50-day EMA) after which lies a key 110-23 (May 16 high).
- Technicals still point to a bear threat though, after the low of 109-26 as US desks started to filter in stopped just short of mild support at 109-25+ (Friday’s low) before a firmer 109-12+ (May 22 low).
- Cash yields are 4.7-5.3bpbp lower across the curve, a narrow range across benchmarks with little sign of upcoming 7Y supply weighing. Scroll just a few posts higher for our preview.
- The 1300ET auction will land with the start of the eagerly anticipated press conference from White House Press Sec Leavitt.
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