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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-06.5 (-05)  
 
  FN 3.5% Coupon   103-03 (-02.5)  
 
  Support   2.366%  
 
  Resistance   2.016%  
 
 
 
 
Thursday, October 05, 2017
 
 
Treasuries are moderately lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.337% after closing at 2.324% prior.

In economic reports, we received the Initial Jobless Claims for the week ending on September 30th which fell 12k to 260k from 272k prior. Continuing Claims for the week ending on September 23rd rose 2k to 1938k from an upwardly revised 1936k the week prior. Although Hurricanes Harvey and Irma had a lesser impact on the most recent claims data, they are still expected to impact tomorrow's payroll data for September.

We also received the August Factory Orders which rose 1.20% following a 3.30% drop in July. Factory Orders excluding transportation rose 0.40% following a 0.50% rise prior. Durable Goods Orders rose above expectations at 2.00% versus a 1.70% increase per consensus. Durables excluding transportation rose 0.50% following a 0.20% increase in July. Lastly, we received the Cap Goods Orders Nondef Ex Air which rose 1.10% after rising 0.90% prior, and the Cap Goods Ship Nondef Ex Air which also rose 1.10% after rising 0.70% prior.

The curve has bear-steepened with the UST 10-Year up 1.3 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/02 Markit US Manufacturing PMI 06:45 Sep F 53.00 53.10 53.00 -  
                   
  10/02 ISM Manufacturing 07:00 Sep 58.10 60.80 58.80 -  
                   
  10/02 ISM Prices Paid 07:00 Sep 63.00 71.50 62.00 -  
                   
  10/02 Construction Spending MoM 07:00 Sep 0.40% 0.50% -0.60% -1.20%  
                   
  10/03 No Data - - - - - -  
                   
  10/04 MBA Mortgage Applications 04:00 29 Sep - -0.40% -0.50% -  
                   
  10/04 ADP Employment Change 05:15 Sep 135k 135k 237k 228k  
                   
  10/04 Markit US Services PMI 06:45 Sep F 55.10 55.30 55.10 -  
                   
  10/04 Markit US Composite PMI 06:45 Sep F - 54.80 54.60 -  
                   
  10/05 Challenger Job Cuts YoY 04:30 Sep - -27.00% 5.10% -  
                   
  10/05 Initial Jobless Claims 05:30 30 Sep 265k 260k 272k -  
                   
  10/05 Continuing Claims 05:30 23 Sep 1950k 1938k 1934k 1936k  
                   
  10/05 Trade Balance 05:30 Aug -$42.70b -$42.40b -$43.70b -$43.60b  
                   
  10/05 Bloomberg Consumer Comfort 06:45 1 Oct - 49.90 51.60 -  
                   
  10/05 Factory Orders 07:00 Aug 1.00% 1.20% -3.30% -  
                   
  10/05 Durable Goods Orders 07:00 Aug F 1.70% 2.00% 1.70% -  
                   
  10/05 Durables Ex Transportation 07:00 Aug F - 0.50% 0.20% -  
                   
  10/06 Change in Nonfarm Payrolls 05:30 Sep 80k - 156k -  
                   
  10/06 Unemployment Rate 05:30 Sep 4.40% - 4.40% -  
                   
  10/06 Average Hourly Earnings MoM 05:30 Sep 0.30% - 0.10% -  
                   
  10/06 Average Hourly Earnings YoY 05:30 Sep 2.50% - 2.50% -  
                   
  10/06 Labor Force Participation Rate 05:30 Sep - - 62.90% -  
                   
  10/06 Underemployment Rate 05:30 Sep - - 8.60% -  
                   
  10/06 Wholesale Trade Sales MoM 07:00 Aug - - -0.10% -  
                   
  10/06 Wholesale Inventories MoM 07:00 Aug F 1.00% - 1.00% -  
                   
 
 
 
 
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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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