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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-06.5 (-05)  
 
  FN 3.5% Coupon   102-19.5 (-02)  
 
  Support   2.314%  
 
  Resistance   2.429%  
 
 
 
 
Tuesday, April 4, 2017
 
 
Treasuries are moderately lower across the curve following the release of the goods and services deficit, which reported at $43.60 Billion in February, down $4.60 Billion from $48.20 Billion in January (revised). The UST 10-Year yield is currently at 2.335% after closing at 2.319% prior.

Yesterday treasuries rallied as the markets reacted strongly to solid economic data releases in the morning. Some of those gains have been erased after the Trade Balance showed an improvement for the month of February, reporting $1 Billion lower than the expected $44.60 Billion deficit, which should help boost 1Q GDP forecasts. The February Factory Goods Orders increased by 1.00% as expected in February after rising 1.20% prior. The final February Durable Goods Orders rose 1.80% versus a 1.70% rise prior.

For the remainder of the week, investors will be focused on the release of the FOMC minutes on Wednesday, and also on the release of the jobs report for the month of March on Friday.

The curve has bear-steepened with the UST 10-Year up 1.6 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/03 Markit US Manufacturing PMI 06:45 Mar F 53.50 53.30 53.40 -  
                   
  04/03 ISM Manufacturing 07:00 Mar 57.20 57.20 57.70 -  
                   
  04/03 ISM Prices Paid 07:00 Mar 66.00 70.50 68.00 -  
                   
  04/03 Construction Spending MoM 07:00 Feb 1.00% 0.80% -1.00% -0.40%  
                   
  04/04 Trade Balance 05:30 Feb -$44.60 B -$43.60 B -$48.50 B -$48.20 B  
                   
  04/04 Factory Orders 07:00 Feb 1.00% 1.00% 1.20% 1.50%  
                   
  04/04 Durable Goods Orders 07:00 Feb F 1.70% 1.80% 1.70% -  
                   
  04/04 Durables Ex Transportation 07:00 Feb F - 0.50% 0.40% -  
                   
  04/05 MBA Mortgage Applications 04:00 31 Mar - - -0.80% -  
                   
  04/05 ADP Employment Change 05:15 Mar 190 K - 298 K -  
                   
  04/05 Markit US Services PMI 06:45 Mar F 53.10 - 52.90 -  
                   
  04/05 Markit US Composite PMI 06:45 Mar F - - 53.20    
                   
  04/05 FOMC Meeting Minutes 11:00 15 Mar - - - -  
                   
  04/06 Challenger Job Cuts YoY 04:30 Mar - - -40.00% -  
                   
  04/06 Initial Jobless Claims 05:30 1 Apr 250 K - 258 K -  
                   
  04/06 Continuing Claims 05:30 25 Mar 2030 K - 2052 K -  
                   
  04/06 Bloomberg Consumer Comfort 06:45 2 Apr - - 49.70 -  
                   
  04/07 Change in Nonfarm Payrolls 05:30 Mar 175 K - 235 K -  
                   
  04/07 Unemployment Rate 05:30 Mar 4.70% - 4.70% -  
                   
  04/07 Average Hourly Earnings MoM 05:30 Mar 0.30% - 0.20% -  
                   
  04/07 Average Hourly Earnings YoY 05:30 Mar 2.80% - 2.80% -  
                   
  04/07 Labor Force Participation Rate 05:30 Mar - - 63.00% -  
                   
  04/07 Underemployment Rate 05:30 Mar - - 9.20% -  
                   
  04/07 Wholesale Trade Sales MoM 07:00 Feb - - -0.10% -  
                   
  04/07 Wholesale Inventories MoM 07:00 Feb F - - 0.40% -  
                   
 
 
 
 
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