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Market Commentary

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Market Commentary


Tuesday
September 02, 2014
10-YEAR NOTES   99-25.5 (-15)
2.397%
FN 3.5% COUPON   102-22.5 (-08)
SUPPORT   2.660%
RESISTANCE   2.200%
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This week we get data on Manufacturing, Factory Orders, Nonfarm Payrolls and Unemployment. Markit US Manufacturing PMI rose a sharp +2.2 points for the August flash reading, up from July’s reading of 55.8. Today we get the final reading and expectations are for no change from the flash estimate. ISM Manufacturing rose +1.8 points in July to 57.1, the best reading since April 2011, and for August consensus is for a slight decline to 57. Construction spending unexpectedly fell in June, declining -1.8% after advancing +0.8% in May. Construction Spending for July is expected to reverse the prior month’s losses with a +1.0% advance. As we return from the long weekend, the curve has bear flattened with 2s10s up +2.2 bps.

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
09/02 Markit Manufacturing PMI 06:45 Aug F 58.0 - 58.0 -
09/02 ISM Manufacturing 07:00 Aug 57.0 - 57.1 -
09/02 Construction Spending MoM 07:00 July 1.0% - -1.8% -
09/03 MBA Mortgage Applications 04:00 Aug 29 - - 2.8% -
09/03 Factory Orders 07:00 July 11.0% - 1.1% -
09/04 ADP Employment Change 05:15 Aug 225K - 218K -
09/04 Trade Balance 05:30 July -$42.4 Billion - -$41.5 Billion -
09/04 Jobless Claims 05:30 Aug 30 300K - 298K -
09/04 Continuing Claims 05:30 Aug 23 2510K - 2527K -
09/04 Markit Services PMI 06:45 Aug F 58.5 - 58.5 -
09/04 Markit US Composite PMI 06:45 Aug F - - 58.8 -
09/05 Nonfarm Payrolls 05:30 Aug 226K - 209K -
09/05 Unemployment Rate 05:30 Aug 6.1% - 6.2% -

 

 

 
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