US 10YR FUTURE TECHS: (Z5) Corrective Pullback Still In Play
Sep-26 10:31
- RES 4: 114-10 High Apr 7 (cont.)
- RES 3: 114-00 Round number resistance
- RES 2: 113-12/29 High Sep 18 / High Sep 11 and the bull trigger
- RES 1: 113-00 High Sep 24
- PRICE: 112-11 @ 11:18 BST Sep 26
- SUP 1: 112-01 50.0% retracement of the Jul 15 - Sep 11 bull phase
- SUP 2: 111-26 Low Aug 26
- SUP 3: 111-13+ Low Aug 18 and a key support
- SUP 4: 111-01+ 76.4% retracement of the Jul 15 - Sep 11 bull phase
Treasury futures have traded lower this week and remain in retracement mode. Thursday’s sell-off has resulted in a print below the 50-day EMA, at 112-10. A clear break of this average would undermine a bull theme and signal scope for a deeper retracement. This would open 111-13+, the Aug 18 low and the next key support. Initial resistance to watch is 113-00, the Sep 24 high.
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STIR: US Terminal Yields Hover Near Recent Lows On Fed Independence Fears
Aug-27 10:24
- Fed Funds implied rates hold most of yesterday’s decline attributed primarily to Fed independence concerns – see the 0551ET bullet for latest developments here.
- Cumulative cuts from 4.33% effective: 21.5bp Sep, 34.5bp Oct, 54.5bp Dec, 68bp Jan and 82bp Mar.
- SOFR implied yields are up to 2bp higher on the day in the reds, including the terminal yield of 2.995% for nearing 135bp of cuts from current levels.
- Yesterday’s close of 2.975% was a new lowest since late April having cleared the 3.01% on the Monday after the Aug 1 payrolls report.
- Further Trump-Fed headlines are likely to remain in the driving seat today with no major data releases or new Fed appearances scheduled. Data picks up Thu/Fri with Q2 GDP/Jul PCE reports.
MNI EXCLUSIVE: Official Comments On French Austerity Outlook
Aug-27 10:23
French officials discuss the likely effect of the political crisis on austerity plans -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
LOOK AHEAD: Wednesday Data Calendar
Aug-27 10:22
- US Data/Speaker Calendar (prior, estimate)
- 08/27 0700 MBA Mortgage Applications (-1.4%, --)
- 08/27 1130 US Tsy $28B 2Y FRN reopen (91282CNQ0) & $28B 17W bill auctions
- 08/27 1300 US Tsy $70B 5Y Note auction (91282CNX5)
- Source: Bloomberg Finance L.P. / MNI
