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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-29.5 (-04)  
 
  FN 3.5% Coupon   103-13.5 (-01.5)  
 
  Support   2.243%  
 
  Resistance   2.133%  
 
 
 
 
Wednesday, June 7, 2017
 
 
Treasuries are moderately lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.164% after closing at 2.146% prior.

Yesterday was risk-off due to geopolitical uncertainties that prompted investors to flee to safe-haven assets which pushed treasuries to rally. Without any significant data on the economic calendar, investors remain focused on tomorrow's political events, which will feature the ECB's release of its monetary policy decision, parliamentary elections in the UK determining Prime Minister May's majority, and former FBI chief Comey's testimony before the Senate Intelligence Committee.

This morning we received the MBA Mortgage Applications for the week ending on June 2nd, which rose 7.10% after falling 3.40% the week prior. Purchase applications rose 10.00%, its highest level since May 2010, after dropping 1.40% the week prior. Refinancing activities increased 3.40% after falling 5.60% the week prior. Later today at 12:00 PM (PT), we will receive the Consumer Credit data for April, which is expected to slip down to $15.000b after rising $16.431b in March.

The curve has bear-steepened with the UST 10-Year up 1.8 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 - 7.10% -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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  This information is provided solely for informational use and is not intended as trading or investment advice 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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