ITALY DATA: IP Broadly in Line in May, Eases After Recent Strength
Jul-10 10:37
Italy industrial production pulled back -0.3% M/M sa in May (-0.2% cons), after a downwardly revised...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US 10YR FUTURE TECHS: (U6) Bearish Trend Structure
Jun-10 10:33
- RES 4: 111-02+ High Apr 24
- RES 3: 110-28+ High May 7
- RES 2: 110-03 50-day EMA
- RES 1: 109-17/110-00+ 20-day EMA / High May 29
- PRICE: 109-06+ @ 11:23 BST Jun 10
- SUP 1: 108-25 Low Jun 08
- SUP 2: 108-08+ Low May 19 and the bear trigger
- SUP 3: 108-04 1.382 proj of Apr 17 - May 4 - 7 swing
- SUP 4: 107-29 1.618 proj of the Apr 17 - May 4 - 7 price swing
Treasuries remain above Monday’s low, however, a bear threat remains present. Recent weakness reinforces a M/T bearish theme and provides an early signal that the corrective cycle since May 19, is over. Resistance to watch is 110-03, the 50-day EMA. Clearance of the average would undermine the bear theme. The bear trigger lies at 108-08+, the May 19 low. A breach of this level would confirm a resumption of the downtrend.
LOOK AHEAD: Wednesday Data Calendar: May CPI Inflation, Tsy 10Y Note Re-Open
Jun-10 10:24
- US Data/Speaker Calendar (prior, estimate). All times ET
- 06/10 0700 MBA Mortgage Applications (-2.5%, --)
- 06/10 0830 CPI MoM (0.6%, 0.5%), YoY (3.8%, 4.2%)
- 06/10 0830 Core CPI MoM (0.4%, 0.3%), YoY (2.8%, 2.9%)
- 06/10 0830 Real Avg Hourly Earning YoY (-0.3%, --), Weekly (-0.2%, --)
- 06/10 1130 US Tsy $69B 17W bill auction
- 06/10 1300 US Tsy $39B 10Y Note auction re-open (91282CQQ7)
- 06/10 1400 Federal Budget Balance ($215B, -$283.1B)
- Source: Bloomberg Finance L.P. / MNI
STIR: US Rates Awaiting CPI Report, 25bp Hike Seen In Dec
Jun-10 10:20
- US rates are little changed overnight with contained broad market reaction to the US and Iran trading strikes.
- They broadly consolidate yesterday’s rally although still price a 25bp hike in December ahead of today’s US CPI report for May as they continue to reflect the significant hawkish impulse from Friday’s NFP report.
- MNI US CPI Preview: https://mni.marketnews.com/4unpjNy
- FF cumulative hikes from 3.62% effective: 0.5bp Jun, 4bp Jul, 11.5bp Sep, 15.5bp Oct, 25.5bp Dec building to 36.5bp Mar 2027 and 40bp Jun 2027.
- SOFR futures are up to 1 tick lower, with the peak implied yield of 4.06% (M7) remaining below Monday’s fresh high for the Iran conflict of 4.155%.
- The FOMC is in media blackout ahead of next week’s decision so no Fedspeak reaction to today’s report.
Related bullets
Related by topic
Italy
Manufacturing / Industrial Output
Energy Data
Power
