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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-13 (+05.5)  
 
  FN 3.5% Coupon   102-17.5 (+03.5)  
 
  Support   2.353%  
 
  Resistance   2.125%  
 
 
 
 
Wednesday, July 5, 2017
 
 
Treasuries are slightly higher across the curve this morning from Monday's close. The UST 10-Year yield is currently at 2.337% after closing at 2.351% prior.

The market continued its sell-off on Monday led by the unexpectedly ISM Manufacturing Index rise in June, but treasuries somewhat rallied after North Korea launched another missile over the 4th of July holiday that pushed investors to flee to safe-haven assets. The market's attention has shifted back on the central banks and the FOMC Minutes from the latest Fed meeting which will be released later today.

This morning we received the Factory Orders for the month of May fell 0.80% after a downwardly revised drop of 0.30% in April; consensus expected a 0.50% drop. Factory Orders excluding transportation fell 0.30%. Durable Goods Orders also fell 0.80% as expected after an unrevised drop of 1.10% in April; durables excluding transportation rose 0.30%. Cap Goods Orders Nondef ex-air rose 0.20% in May after falling 0.20% in April and Cap Goods Ship Nondef ex-air rose 0.10% in May after dropping 0.20% in April.

The curve has bull-flattened with the UST 10-Year down 1.4 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/03 Markit US Manufacturing PMI 06:45 Jun F 52.10 52.00 52.10 -  
                   
  07/03 ISM Manufacturing 07:00 Jun 55.30 57.80 54.90 -  
                   
  07/03 ISM Prices Paid 07:00 Jun 58.50 55.00 60.50 -  
                   
  07/03 Construction Spending MoM 07:00 May 0.30% 0.00% -1.40% -0.70%  
                   
  07/04 No Data - - - - - -  
                   
  07/05 Factory Orders 07:00 May -0.50% -0.80% -0.20% -0.30%  
                   
  07/05 Durable Goods Orders 07:00 May F -0.80% -0.80% -1.10% -  
                   
  07/05 Durables Ex Transportation 07:00 May F - 0.30% 0.10% -  
                   
  07/05 FOMC Meeting Minutes 11:00 14 Jun - - - -  
                   
  07/06 MBA Mortgage Applications 04:00 30 Jun - - -6.20% -  
                   
  07/06 Challenger Job Cuts YoY 04:30 Jun - - 9.70% -  
                   
  07/06 ADP Employment Change 05:15 Jun 185k - 253k -  
                   
  07/06 Initial Jobless Claims 05:30 1 Jul 244k - 244k -  
                   
  07/06 Continuing Claims 05:30 24 Jun 1940k - 1948k -  
                   
  07/06 Trade Balance 05:30 May -$46.30b - -$47.60b -  
                   
  07/06 Markit US Services PMI 06:45 Jun F 53.00 - 53.00 -  
                   
  07/06 Bloomberg Consumer Comfort 06:45 2 Jul - - 48.60 -  
                   
  07/06 Markit US Composite PMI 06:45 Jun F - - 53.00 -  
                   
  07/07 Change in Nonfarm Payrolls 05:30 Jun 177k - 138k -  
                   
  07/07 Unemployment Rate 05:30 Jun 4.30% - 4.30% -  
                   
  07/07 Average Hourly Earnings MoM 05:30 Jun 0.30% - 0.20% -  
                   
  07/07 Average Hourly Earnings YoY 05:30 Jun - - 2.50% -  
                   
  07/07 Labor Force Participation Rate 05:30 Jun - - 62.70% -  
                   
  07/07 Underemployment Rate 05:30 Jun - - 8.40% -  
                   
 
 
 
 
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