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Market Commentary


 
Today's Coupons
 
  10-Year Notes   102-01.5 (+11)  
 
  FN 3.5% Coupon   103-15 (+05)  
 
  Support   2.247%  
 
  Resistance   2.133%  
 
 
 
 
Tuesday, June 6, 2017
 
 
Treasuries have rallied across the curve this morning amid geopolitical concerns. The UST 10-Year yield is currently at 2.142% after closing at 2.183% prior.

With several major potentially risky events this week, investors fled to safe-haven assets overnight and triggered a rally in treasuries into the morning. Former FBI chief James Comey has a scheduled congressional testimony which could help determine how the probe into the Trump campaign's contact with Russian officials could impact the admiration. Investors will also have their attention on the ECB's latest monetary policy decision, and also on the parliamentary elections in the UK determining Theresa May's majority. All of these political events will take place this Thursday.

The rest of the week consists of very light economic data. Tomorrow we will receive the MBA Mortgage Applications for the week ending on June 2nd and the Consumer Credit data for April, on Thursday we will have the Initial Jobless Claims for the week ending on June 3rd and Continuing Claims for the week ending on May 27th, and lastly, we will receive the final print of the Wholesale Inventories for April on Friday.

The curve has bull-flattened with the UST 10-Year down 4.1 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/05 Nonfarm Productivity 05:30 1Q F -0.10% 0.00% -0.60% -  
                   
  06/05 Unit Labor Costs 05:30 1Q F 2.40% 2.20% 3.00% -  
                   
  06/05 Markit US Services PMI 06:45 May F 54.00 53.60 54.00 -  
                   
  06/05 Markit US Composite PMI 06:45 May F - 53.60 53.90 -  
                   
  06/05 Factory Orders 07:00 Apr -0.20% -0.20% 0.20% 1.00%  
                   
  06/05 Durable Goods Orders 07:00 Apr F -0.60% -0.80% -0.70% -  
                   
  06/05 Durables Ex Transportation 07:00 Apr F -0.20% -0.50% -0.40% -  
                   
  06/06 JOLTS Job Openings 07:00 Apr 5750 6044 5743 -  
                   
  06/07 MBA Mortgage Applications 04:00 2 Jun - - -3.40% -  
                   
  06/07 Consumer Credit 12:00 Apr $15.000b - $16.431b -  
                   
  06/08 Initial Jobless Claims 05:30 3 Jun 240k - 248k -  
                   
  06/08 Continuing Claims 05:30 27 May 1920k - 1915k -  
                   
  06/08 Bloomberg Consumer Comfort 06:45 4 Jun - - 51.20 -  
                   
  06/09 Wholesale Trade Sales MoM 07:00 Apr 0.20% - 0.00% -  
                   
  06/09 Wholesale Inventories MoM 07:00 Apr F -0.30% - -0.30% -  
                   
 
 
 
 
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