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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-23 (-03)  
 
  FN 3.5% Coupon   99-06 (-01)  
 
  Support   3.111%  
 
  Resistance   2.759%  
 
 
 
 
Wednesday, June 20, 2018
 
 
Treasuries are slightly lower across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.910% after closing at 2.898% prior.

Treasuries held steady overnight and into the open as fears of a possible trade war between U.S. and China showed signs of alleviating. Stocks advanced while the dollar slightly lowered with the steadiness of treasury yields. Key central bank leaders are partaking in a policy panel this morning featuring ECB President Draghi, RBA Governor Lowe, BOJ Governor Kuroda and Fed Chairman Powell to discuss the current outlook of their respective economies.

On the economic calendar, we received the 1Q Current Account Balance which showed an expanded deficit of $124.10 Billion from a downwardly revised $116.10 Billion deficit prior. We also received the Existing Home Sales for the month of May which unexpectedly declined 0.40% month-over-month to 5.43m rate following a 2.70% drop in April; consensus called for a 1.10% increase. MBA Mortgage Applications for the week ended June 15 increased 5.10% after dropping 1.50% the week prior. Purchase applications showed a 4.30% increase in activities after falling 1.50% the week prior, while refinancing applications rose 6.10% after slipping 1.50% the week prior.

The curve has bear-steepened with the UST 10-Year yield up 1.2 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/18 NAHB Housing Market Index 07:00 Jun 70.00 68.00 70.00 -  
                   
  06/19 Housing Starts 05:30 May 1311k 1350k 1287k 1286k  
                   
  06/19 Housing Starts MoM 05:30 May 1.90% 5.00% -3.70% -3.10%  
                   
  06/19 Building Permits 05:30 May 1350k 1301k 1352k 1364k  
                   
  06/19 Building Permits MoM 05:30 May -1.00% -4.60% -1.80% -0.90%  
                   
  06/20 MBA Mortgage Applications 04:00 15 Jun - 5.10% -1.50% -  
                   
  06/20 Existing Home Sales 07:00 May 5.52m 5.43m 5.46m 5.45m  
                   
  06/20 Existing Home Sales MoM 07:00 May 1.10% -0.40% -2.50% -2.70%  
                   
  06/21 Initial Jobless Claims 05:30 16 Jun 220k - 218k -  
                   
  06/21 Continuing Claims 05:30 9 Jun 1710k - 1697k -  
                   
  06/21 Philadelphia Fed Business Outlook 05:30 Jun 29.00 - 34.40 -  
                   
  06/21 FHFA House Price Index MoM 06:00 Apr 0.50% - 0.10% -  
                   
  06/21 Bloomberg Consumer Comfort 06:45 17 Jun - - 55.80 -  
                   
  06/21 Leading Index 07:00 May 0.40% - 0.40% -  
                   
  06/22 Markit US Manufacturing PMI 06:45 Jun P 56.10 - 56.40 -  
                   
  06/22 Markit US Services PMI 06:45 Jun P 56.50 - 56.80 -  
                   
  06/22 Markit US Composite PMI 06:45 Jun P - - 56.60 -  
                   
 
 
 
 
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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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