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Market Commentary

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Market Commentary


Monday
February 3, 2014
10-YEAR NOTES   100-21 (-2) 2.674%
FN 3.5% COUPON   101-13.5 (0)
SUPPORT   3.00%
RESISTANCE   2.60%
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ISM manufacturing has been fairly consistent at 57 in December and 57.3 in November. This month’s ISM expectation is 56 vs. 57 prior, keeping things in line with the past two months. Construction spending has made gains of roughly 1% in both November/December and is expected to come in flat for January. PMI is expected to come down to 53.9 vs. 55 prior. Treasuries are opening a little lower following Friday’s rally with the curve bear steepening and 2s10s up 2.5 bps.

This Week's Events :

DATE EVENTS TIME PERIOD SURVEY ACTUAL PRIOR REVISED
02/03 ISM Manufacturing 10:00 January 56.00 51.30 57.00 56.50
02/03 PMI 08:58 January 53.80 53.70 53.70 -
02/03 Construction Spending 10:00 December 0.00% 0.10% 1.00% 0.80%
02/04 Factory Orders 10:00 December -1.80% - 1.80% -
02/05 MBA Mortgage Applications 07:00 January 31 - - -0.20% -
02/05 ADPEmployment Change 08:15 January 190 K - 238 K -
02/05 ISM Non-Manufacturing 10:00 January 53.70 - 53.00 -
02/06 Jobless Claims 08:30 February 1 335 K - 348 K -
02/06 Continuing Claims 08:30 January 25 2994 K - 2991 K -
02/06 Trade Balance 08:30 December -36.00 Billion -

-34.30 Billion

-
02/07 Nonfarm Payrolls 08:30 January 185 K - 74 K -
02/07 Unemployment Rate 08:30 January 6.70% - 6.70% -

 

 
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