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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-05.5 (+08.5)  
 
  FN 3.5% Coupon   103-06.5 (+04)  
 
  Support   2.335%  
 
  Resistance   2.237%  
 
 
 
 
Thursday, August 3, 2017
 
 
Treasuries are higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.248% after closing at 2.272% prior.

This morning we received the Initial Jobless Claims for the week ending on July 29th which fell 5k to 240k from an upwardly revised 245k the week prior. Continuing Claims for the week ending on July 22nd rose 3k to 1968k from an upwardly revised 1965k the week prior. The labor market remains to be in solid shape, and layoff activity remains fairly low. Bloomberg Consumer Comfort read higher at 49.60 for the week ending on July 30th versus a reading of 48.60 the week prior.

We also received the Markit US Services PMI Final July print, which came in above expectations at 54.70 versus 54.20 per consensus. Markit US Composite PMI Final July data rose slightly higher to 54.60 from 54.20 prior. ISM Non-Manufacturing Composite for July came in below expectations at 53.90 versus an estimated 56.90 per consensus. June Factory Orders rose in line with expectations at 3.00% after falling 0.30% (revised) in May, and Durable Goods Orders rose 6.40% in June following a rise of 6.50% prior.

The curve has bull-flattened with the UST 10-Year down 2.4 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 - -37.60% -19.30% -  
                   
  08/03 Initial Jobless Claims 05:30 29 Jul 243k 240k 244k 245k  
                   
  08/03 Continuing Claims 05:30 22 Jul 1958k 1968k 1964k 1965k  
                   
  08/03 Bloomberg Consumer Comfort 06:45 30 Jul - 49.60 48.60 -  
                   
  08/03 Markit US Services PMI 06:45 Jul F 54.20 54.70 54.20 -  
                   
  08/03 Markit US Composite PMI 06:45 Jul F - 54.60 54.20 -  
                   
  08/03 Factory Orders 07:00 Jun 3.00% 3.00% -0.80% -0.30%  
                   
  08/03 Durable Goods Orders 07:00 Jun F 0.00% 6.40% 6.50% -  
                   
  08/03 Durables Ex Transportation 07:00 Jun F - 0.10% 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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