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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   108-19 (00)  
 
  FN 3.5% Coupon   105-31.5 (+05)  
 
  Support   2.594%  
 
  Resistance   0.336%  
 
 
 
 
  Thursday, April 2, 2020
 
 

Treasury Yields Remain Flat as US Jobless Claims Surge by a Record

 
 
Market opened today’s session with treasuries drifting across all maturities. 10-Year Treasury yield is at 0.5830, 0.02 bp decreased from prior closing of 0.5832.

In today’s economic calendar, the devastating economic fallout from the coronavirus pandemic started to surface as quarantine measures have tightened across the country and the surge in unemployment benefits applications was today’s highlight. The initial claims jumped to 6648k, reaching about 10 million over the last two weeks. Continuing Claims also increased to 3029k from a downwardly revised prior of 1784k. US stocks fluctuated on the record jobless data and both Treasuries and the dollar inched higher this morning. Elsewhere, WTI crude advanced above $22 a barrel after President Trump said he expects Saudi Arabia and Russia to come to an agreement, and China is reportedly set to take advantage of low prices and start building its reserve. From the remainder of the economic data released today, the February Trade Deficit narrowed to -$39.90 billion from a revised prior of -$45.50 billion vs. -$40.00 billion consensus. Lastly, Factory Orders in February increased to 0.00% from -0.50% prior while both the headline and core Durable Goods Orders came in line with consensuses of 1.20% and -0.60%, respectively.

The curve has bull-flattened with UST 10-Year yield down 0.02 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/30 Pending Home Sales MoM 07:00 Feb -1.80% 2.40% 5.20% 5.30%  
                   
  03/31 S&P CoreLogic CS 20-City MoM SA 06:00 Jan 0.40% 0.30% 0.43% 0.41%  
                   
  03/31 S&P CoreLogic CS 20-City YoY NSA 06:00 Jan 3.20% 3.08% 2.85% 2.84%  
                   
  04/01 MBA Mortgage Applications 04:00 27 Mar - 15.30% -29.40% -  
                   
  04/01 ADP Employment Change 05:15 Mar -150k -27k 183k 179k  
                   
  04/01 Markit US Manufacturing PMI 06:45 Mar F 48.00 48.50 49.20 -  
                   
  04/01 Construction Spending MoM 07:00 Feb 0.60% -1.30% 1.80% 2.80%  
                   
  04/01 ISM Manufacturing 07:00 Mar 44.50 49.10 50.10 -  
                   
  04/01 ISM Prices Paid 07:00 Mar 41.80 37.40 45.90 -  
                   
  04/02 Initial Jobless Claims 05:30 28 Mar 3763k 6648k 3283k 3307k  
                   
  04/02 Continuing Claims 05:30 21 Mar 4941k 3029k 1803k 1784k  
                   
  04/02 Bloomberg Consumer Comfort 06:45 29 Mar - 56.30 59.70 -  
                   
  04/02 Durable Goods Orders 07:00 Feb F 1.20% 1.20% 1.20% -  
                   
  04/02 Durables Ex Transportation 07:00 Feb F -0.60% -0.60% -0.60% -  
                   
  04/03 Change in Nonfarm Payrolls 05:30 Mar -100k - 273k -  
                   
  04/03 Average Hourly Earnings MoM 05:30 Mar 0.20% - 0.30% -  
                   
  04/03 Average Hourly Earnings YoY 05:30 Mar 3.00% - 3.00% -  
                   
  04/03 Markit US Services PMI 06:45 Mar F 38.50 - 39.10 -  
                   
  04/03 Markit US Composite PMI 06:45 Mar F - - 40.50 -
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
 
 
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