Dragged lower by Bunds, long-end leads way down

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OVERNIGHT TREASURIES

•Dragged lower by Bunds, long-end leads way down
•Light volume, 111k 10-year futures trade by 06:19 EST
•Asian prop accounts sell 10s and long-end, European accounts sell 10s
•Asian real money lifts 10s

MARKET BIAS

•The tactical bias is supportive now that Draghi has spit the bit.
•Look for a range of 1.52%-to-1.42% in 10s.
•The strategic bias looks to buy notable weakness.
•The curve bias is flat.

TECHNICAL OVERVIEW

DATA

•00:00 Monster Employment Index (Jul) (prev 153)
•08:30 Nonfarm Payrolls (Jul) (mkt +100k, prev +80k)
•08:30 — Private Payrolls (Jul) (mkt +110k, prev +84k)
•08:30 — Manufacturing Payrolls (Jul) (mkt +10k, prev +11k)
•08:30 — Unemployment Rate (Jul) (mkt 8.2%, prev 8.2%)
•08:30 — Average Hourly Earnings (Jul) (mkt +0.2% m/m, prev +0.3% m/m)
•08:30 — Work Week (Jul) (mkt 34.5 hrs, prev 34.5 hrs)
•10:00 ISM Non-Manufacturing (Jul) (mkt 52.0, prev 52.1)

EVENTS

•11:00 Fed outright Treasury coupon sale (01/15/2013 – 06/30/2013) (e: $4.50 – $5.50 bln)

ISSUANCE

•No Treasury issuance activity scheduled

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