Bonds marginally lower, weighed down by Bunds as they chop around

BondMoves would like to thank IFR MARKETS for allowing us to reprint the following information. IFR MARKETS can be contacted by visiting their website All copyrights are retained by IFR MARKETS.


•Bonds marginally lower, weighed down by Bunds as they chop around
•Moderate volume, 180k 10-year futures trade by 06:39 EST
•September 10s trade 133-31/133-21.5 overnight
•Better selling from Asia in front-end, deal related receiving fives
•10s trade in a range of 1.559% and 1.584% overnight.
•USTs outperforming EGBs by 3bp in the 10yr maturity compared to the previous London close.


•The tactical bias is as a supportive range trader anticipating that sellers will be few and liquidity will be poor both ahead of the FOMC in turn favoring supportive price action.
•Look for a 1.64% to 1.54% range in 10s.
•The strategic bias is flat after exiting a 10-year long from 1.62% at 1.586% for a 3.4 bps profit. A 50% bond short from 2.675% was covered at 2.69% for a 1.5 bps profit.
•The curve bias is flat, but favors flatteners on any notable correction.



•07:45 ICSC/GS Chain Store Sales Index (wk Jun 16) (prev +2.9% y/y)
•08:30 Housing Starts (May) (mkt 720k, prev 717k)
•08:30 Building Permits (May) (mkt 728k, prev 723k)
•08:55 Redbook Same Store Sales Index (wk Jun 16) (prev +2.0% y/y)
•10:00 Job Openings and Labor Turnover Survey (Apr)


•11:00 Fed outright Treasury coupon purchase (08/15/2022 – 02/15/2031) (e: $1.50 – $2.00 bln)
•13:00 FOMC meeting, day 1


•11:30 Treasury auctions $30 bln 4-week bills

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

© Bond Market News Built for Bond Trading |