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Market Commentary

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Market Commentary


Tuesday
August 05, 2014
10-YEAR NOTES   99-31 (-03) 2.501%
FN 3.5% COUPON   102-09 (-01)
SUPPORT   2.800%
RESISTANCE   2.470%
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Markit PMI for July posted 61, following a five-year high in June, and is expected to edge down to 60.8 for July. ISM Non-Manufacturing Composite showed solid growth in June, 56 vs. 56.3 prior, and New Orders, at 61.2, posted their strongest growth in 3-1/2 years. The ISM Non-Manufacturing Composite for July is expected to edge up to 56.5. Factory orders fell -0.5% in May and are expected to reverse losses and jump +0.6% in today’s June release. We continue to see geopolitical risk in the Ukraine and Gaza, and watch for a further flight to quality. The curve is flat to yesterday’s 2:00 PM PDT close and the curve has slightly bear steepened with 2s10s up 1 bps.

This Week's Events:

DATE EVENT TIME PERIOD SURVEY ACTUAL PRIOR REVISED
08/05 Markit US Services PMI 06:45 July F 60.8 60.8 61.0 -
08/05 ISM Non-Manufacturing Composite 07:00 July 56.5 - 56.0 -
08/05 Factory Orders 07:00 June 0.6% - -0.5% -
08/06 MBA Mortgage Applications 04:00 August 1 - - -2.2% -
08/06 Trade Balance 05:30 June -$ 44.8 Billion - -$44.4 Billion -
08/07 Jobless Claims 05:30 August 2 305 K - 302 K -
08/07 Continuing Claims 05:30 July 26 2512 K - 2539 K -
08/08 Nonfarm Productivity 05:30 2Q P 1.6% - -3.2% -
08/08 Unit Labor Costs 05:30 2Q P 1.0% - 5.7% -
08/08 Wholesale Inventories MoM 07:00 June 0.7% - 0.5% -

 

 

 
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