AUTOMOTIVE: Toyota Motor: Moody’s to Stable
Jun-04 10:52
(TOYOTA; A1pos/A+/A+) * Moody's moved off positive following the Toyota Industries tender offer. ...
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US 10YR FUTURE TECHS: (M5) Support Remains Exposed
May-05 10:47
- RES 4: 113-22 1.382 proj of the Apr 11 - 16 - 22 price swing
- RES 3: 113-04 76.4% retracement of the Apr 7 - 11 bear leg
- RES 2: 112-20+ High MAy 1 and key new-term resistance
- RES 1: 112-01+ High Apr 2
- PRICE: 111-07+ @ 11:36 BST May 5
- SUP 1: 111-02 Low Mar 2 / 50-dma
- SUP 2: 110-30+ 50-day EMA
- SUP 3: 110-16+/109-08 Low Apr 22 / 11 and the bear trigger
- SUP 4: 108-26+ 76.4% retracement of the Jan 13 - Apr 7 bull cycle
A sharp reversal lower in Treasury futures last week undermines the recent bull cycle. The contract has breached the 20-day EMA, and sights are on support at the 50-day EMA, at 110-30+. A clear breach of this average would strengthen a bearish threat and expose 110-16+, the Apr 22 low. For bulls, price needs to trade above key short-term resistance at 112-20+, the May 1 high, to reinstate a bullish theme.
US TSYS: Spring Holidays Dampens Volumes, Focus on Midweek FOMC
May-05 10:43
- Treasuries are running mixed on very light overnight volumes (TYM5 <190k) with multiple Spring holidays around the globe: Japan, China, HK, South Korea, as well as the UK, EU is open however.
- Focus on Wednesday's FOMC rate annc at 1400ET. The FOMC is expected to extend its series of rate holds to a third meeting in May, keeping the Fed funds target rate at 4.25-4.50% while maintaining its forward guidance in the Statement.
- Monday data (prior, est): S&P Global US Services PMI final (51.4, 51.2), Composite (51.2, 51.2) at 0945ET; ISM Services Index (50.8, 50.3), Prices Paid (60.9, 61.4), New Orders (50.4, 50.0) & Employment (46.2, 46.0) at 1000ET.
- US Treasury auctions: $76B 13W & $68B 26W bill auctions at 1130ET followed by $58B 3Y Note auction (91282CND9) at 1300ET.
- Tsy Jun'25 10Y contract trades +3.5 at 111-08.5 (yld 4.3121, +.0038), lower half of narrow overnight range (111-06 low, 111-13.5 high). Curves twist steeper with Bonds lagging mildly firmer 2s-10s: 2s10s +2.636 at 50.868, 5s30s +2.664 at 89.544.
- Cross asset roundup: Bbg US$ index lower (-4.32 at 1220.19), Crude weaker (WTI -.70 at 57.59), Gold surges to 3313.22 (+72.73).
LOOK AHEAD: Monday Data Calendar: S&P Services/Comp PMIs, ISM Services, 3Y Note
May-05 10:20
- US Data/Speaker Calendar (prior, estimate)
- 5-May 0945 S&P Global US Services PMI final (51.4, 51.2), Comp (51.2, 51.2)
- 5-May 1000 ISM Services Index (50.8, 50.3), ISM Prices Paid (60.9, 61.4)
- 5-May 1000 ISM Services New Orders (50.4, 50.0), Employ (46.2, 46.0)
- 5-May 1130 US Tsy $76B 13W & $68B 26W bill auctions
- 5-May 1300 US Tsy $58B 3Y Note auction (91282CND9)
