Treasuries are lower across the curve this morning from yesterday’s close. The UST10-Year yield is currently at 2.910% after closing at 2.898% prior.
Yesterday Treasuriesralliedas trade anxieties reemerged and U.S. equities slid which sent investors in search for safe-haven assets. Most of those gains were reversed overnight and into the open on news that OPEC has reached an agreement in principal to boost its oil production to overcome Iran’s threats to deny any supply hike. Trade tensions have also eased from reports that some White House officials were attempting to restart talks with China before U.S. tariffs on Chinese products take effect in July. Oil prices advanced, U.S. Stocks rose, while the dollar inched lower with Treasuries.
This week’s economic calendar concludes with the preliminary reporting of Markit US Manufacturing PMI for June, which came in lower than expected at 54.60 versus a reading level of 56.10 per consensus. Markit US Services PMI came in line with expectations which slightly dropped to 56.50 following an unrevised reading level of 56.80 prior. Lastly, the Markit US Composite PMI also cooled its reading level down to 56.00 from its prior level of 56.60.
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Yesterday Treasuries rallied as trade anxieties reemerged and U.S. equities slid which sent investors in search for safe-haven assets. Most of those gains were reversed overnight and into the open on news that OPEC has reached an agreement in principal to boost its oil production to overcome Iran’s threats to deny any supply hike. Trade tensions have also eased from reports that some White House officials were attempting to restart talks with China before U.S. tariffs on Chinese products take effect in July. Oil prices advanced, U.S. Stocks rose, while the dollar inched lower with Treasuries.
This week’s economic calendar concludes with the preliminary reporting of Markit US Manufacturing PMI for June, which came in lower than expected at 54.60 versus a reading level of 56.10 per consensus. Markit US Services PMI came in line with expectations which slightly dropped to 56.50 following an unrevised reading level of 56.80 prior. Lastly, the Markit US Composite PMI also cooled its reading level down to 56.00 from its prior level of 56.60.
The curve has bear-steepened with the UST 10-Year yield up 1.2 bps from prior closing.
Have A Beautiful Weekend!