(belly outperforming on muted volumes ahead of NFP)while WE slept; beware the SPIN -- NFP and the 'dash for cash' (biggest 1d OUTFLOW from SHV)
thebondbeat.substack.com
Good morning … Little to add TO muted volumes / flows overnight — as they should be ahead of today’s NFP and so, here is a snapshot OF USTs as of 658a: … HERE is what another shop says be behind the price action overnight… … WHILE YOU SLEPT Treasuries are mixed and the belly outperforming ahead of today's employment report (Citi +190k and unemployment rate holding at 3.5% with a risk of a slip to 3.4%). DXY is lower (-0.35%) while front WTI futures are notably higher (+3.3%) this morning. Asian stocks were lower in Japan (-1.7%) but higher elsewhere and especially China (links above), EU and UK share markets are all in the green too (SX5E +1.6%, FTSE 100 +1%) while ES futures are showing +0.75% here at 6:30am. Japan returned from holiday to a muted Treasury session with the curve showing a bull steepening bias amid some block sales in TY's. Then during London's AM hours more block sales were reported but in TU futures (5k followed later by a 7.5k block).
(belly outperforming on muted volumes ahead of NFP)while WE slept; beware the SPIN -- NFP and the 'dash for cash' (biggest 1d OUTFLOW from SHV)
(belly outperforming on muted volumes ahead…
(belly outperforming on muted volumes ahead of NFP)while WE slept; beware the SPIN -- NFP and the 'dash for cash' (biggest 1d OUTFLOW from SHV)
Good morning … Little to add TO muted volumes / flows overnight — as they should be ahead of today’s NFP and so, here is a snapshot OF USTs as of 658a: … HERE is what another shop says be behind the price action overnight… … WHILE YOU SLEPT Treasuries are mixed and the belly outperforming ahead of today's employment report (Citi +190k and unemployment rate holding at 3.5% with a risk of a slip to 3.4%). DXY is lower (-0.35%) while front WTI futures are notably higher (+3.3%) this morning. Asian stocks were lower in Japan (-1.7%) but higher elsewhere and especially China (links above), EU and UK share markets are all in the green too (SX5E +1.6%, FTSE 100 +1%) while ES futures are showing +0.75% here at 6:30am. Japan returned from holiday to a muted Treasury session with the curve showing a bull steepening bias amid some block sales in TY's. Then during London's AM hours more block sales were reported but in TU futures (5k followed later by a 7.5k block).