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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-07 (+05.5)  
 
  FN 3.5% Coupon   102-07.5 (+03.5)  
 
  Support   3.237%  
 
  Resistance   1.975%  
 
 
 
 
Tuesday, July 02, 2019
 
 
Treasury Yields Lower on Dampened Trade Optimism
 
 
Market opened today’s session with treasuries rose across all maturities. 10-Year Treasury yield is at 2.0118, 1.22 bps decreased from prior closing of 2.0240.

US stock futures slipped as optimism surrounding a temporary truce between the US and China short-lived after the US expanded a list of additional European products that may get hit with tariffs. The EU has their own list of retaliatory measures ready as well should the situation get worse. The Treasuries nudged higher along with most government bonds in Europe as the dollar weakened. In Europe, the yield on Italian two-year debt briefly turned negative for the first time in over a year while the German bund yields continued to hit new lows. According to the National Bureau of Economic Research, this month marks the 121st month of the US economic expansion, marking the longest run on record which goes back to 1854. Elsewhere, WTI crude slipped below $59 a barrel this morning as investors weighed OPEC’s expansion of its production output cuts into 2020. Later today, Cleveland Fed President Mester is scheduled to speak on the economic outlook to the European Economics and Financial Centre in London.

The curve has bull-flattened with UST 10-Year yield down 1.22 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/01 Markit US Manufacturing PMI 06:45 Jun F 50.10 50.60 50.10 -  
                   
  07/01 ISM Manufacturing 07:00 Jun 51.00 51.70 52.10 -  
                   
  07/01 ISM Prices Paid 07:00 Jun 53.00 47.90 53.20 -  
                   
  07/01 Construction Spending MoM 07:00 May 0.00% -0.80% 0.00% 0.40%  
                   
  07/02 No Data - - - - - -  
                   
  07/03 MBA Mortgage Applications 04:00 28 Jun - - 1.30% -  
                   
  07/03 Challenger Job Cuts YoY 04:30 Jun - - 85.90% -  
                   
  07/03 ADP Employment Change 05:15 Jun 140k - 27k -  
                   
  07/03 Trade Balance 05:30 May -$54.00b - -$50.80b -  
                   
  07/03 Initial Jobless Claims 05:30 29 Jun 223k - 227k -  
                   
  07/03 Continuing Claims 05:30 22 Jun 1675k - 1688k -  
                   
  07/03 Bloomberg Consumer Comfort 06:45 30 Jun - - 63.60 -  
                   
  07/03 Markit US Services PMI 06:45 Jun F 50.70 - 50.70 -  
                   
  07/03 Markit US Composite PMI 06:45 Jun F - - 50.60 -  
                   
  07/03 Durable Goods Orders 07:00 May F -1.30% - -1.30% -  
                   
  07/03 Factory Orders 07:00 May -0.60% - -0.80% -  
                   
  07/03 Durables Ex Transportation 07:00 May F - - 0.30% -  
                   
  07/04 No Data - - - - - -  
                   
  07/05 Unemployment Rate 05:30 Jun 3.60% - 3.60% -  
                   
  07/05 Average Hourly Earnings MoM 05:30 Jun 0.30% - 0.20% -  
                   
  07/05 Average Hourly Earnings YoY 05:30 Jun 3.20% - 3.10% -  
                   
  07/05 Labor Force Participation Rate 05:30 Jun 62.80% - 62.80% -
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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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