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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-01 (-01)  
 
  FN 3.5% Coupon   103-04 (-0.5)  
 
  Support   2.335%  
 
  Resistance   2.246%  
 
 
 
 
Wednesday, August 2, 2017
 
 
Treasuries are slightly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.269% after closing at 2.254% prior.

Yesterday treasuries rallied as the market was presented with some disappointing data from the U.S. mobile industry. Sales at General Motors dropped 15.00% in July which was the largest drop in over a year, while other automakers showed similar trends. Treasuries opened up lower this morning ahead of the release of ADP's report on private sector payrolls, which rose 12k below expectations at 178k versus 190k per consensus. The June private sector data was upwardly revised from 158k to 191k.

We also received the MBA Mortgage Applications for the week ending on July 28th which fell 2.80% after increasing by 0.40% in activities the week prior. Purchase applications dropped 2.00% after falling 2.20% the week prior, and refinancing activities fell 3.80% after rising 3.40% the week prior. There are no other economic releases on deck today, but there is a scheduled Fed Speak at 12:30 PM (PT), in which San Francisco Fed President Williams will speak on the monetary policy in Las Vegas.

The curve has bear-steepened with the UST 10-Year up 1.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  07/31 Pending Home Sales MoM 07:00 Jun 1.00% 1.50% -0.80% -0.70%  
                   
  07/31 Pending Home Sales NSA YoY 07:00 Jun - 0.70% 0.50% 0.70%  
                   
  07/31 Dallas Fed Manf. Activity 07:30 Jul 13.00 16.80 15.00 -  
                   
  08/01 Personal Income 05:30 Jun 0.40% 0.00% 0.40% 0.30%  
                   
  08/01 Personal Spending 05:30 Jun 0.10% 0.10% 0.10% 0.20%  
                   
  08/01 PCE Deflator MoM 05:30 Jun 0.00% 0.00% -0.10% 0.00%  
                   
  08/01 PCE Deflator YoY 05:30 Jun 1.30% 1.40% 1.40% 1.50%  
                   
  08/01 PCE Core MoM 05:30 Jun 0.10% 0.10% 0.10% -  
                   
  08/01 PCE Core YoY 05:30 Jun 1.40% 1.50% 1.40% 1.50%  
                   
  08/01 Markit US Manufacturing PMI 06:45 Jul F 53.20 53.30 53.20 -  
                   
  08/01 ISM Manufacturing 07:00 Jul 56.40 56.30 57.80 -  
                   
  08/01 ISM Prices Paid 07:00 Jul 55.80 62.00 55.00 -  
                   
  08/01 Construction Spending MoM 07:00 Jun 0.40% -1.30% 0.00% 0.30%  
                   
  08/02 MBA Mortgage Applications 04:00 28 Jul - -2.80% 0.40% -  
                   
  08/02 ADP Employment Change 05:15 Jul 190k 178k 158k 191k  
                   
  08/03 Challenger Job Cuts YoY 04:30 Jul - - -19.30% -  
                   
  08/03 Initial Jobless Claims 05:30 29 Jul 243k - 244k -  
                   
  08/03 Continuing Claims 05:30 22 Jul 1958k - 1964k -  
                   
  08/03 Bloomberg Consumer Comfort 06:45 30 Jul - - 48.60 -  
                   
  08/03 Markit US Services PMI 06:45 Jul F 54.20 - 54.20 -  
                   
  08/03 Markit US Composite PMI 06:45 Jul F - - 54.20 -  
                   
  08/03 Factory Orders 07:00 Jun 3.00% - -0.80% -  
                   
  08/03 Durable Goods Orders 07:00 Jun F 0.00% - 6.50% -  
                   
  08/03 Durables Ex Transportation 07:00 Jun F - - 0.20% -  
                   
  08/04 Change in Nonfarm Payrolls 05:30 Jul 180k - 222k -  
                   
  08/04 Unemployment Rate 05:30 Jul 4.30% - 4.40% -  
                   
  08/04 Average Hourly Earnings MoM 05:30 Jul 0.30% - 0.20% -  
                   
  08/04 Average Hourly Earnings YoY 05:30 Jul 2.40% - 2.50% -  
                   
  08/04 Labor Force Participation Rate 05:30 Jul - - 62.80% -  
                   
  08/04 Underemployment Rate 05:30 Jul - - 8.60% -  
                   
  08/04 Trade Balance 05:30 Jun -$44.00b - -$46.50b -  
                   
 
 
 
 
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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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