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Market Commentary

Market Commentary

Today's Market Commentary
September 5, 2013
10-YEAR NOTES   96-14 (-5) 2.915%
FN 3.5% COUPON   98-22 (-7)
SUPPORT   3.03%
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Challenger Job Cuts YoY came in at 56.5% while the ADP Employment Change was 176k (184k expected). Initial Jobless Claims came in at 323k (330k expected) and Continuing Claims 2951k (2985k expected).Nonfarm Productivity was 2.3% (1.6% expected) and Unit Labor Costs grew at 0% (0.8% expected).

Overnight, Dollar/Yen broke through the psychologically important 100 level further pressuring Treasuries whichsold-off all the way to 2.95%. In the U.S., the market is opening lower led by 5-Year notes (2s5s 3.1 bps steeper while 5s10s is 1.4 bps flatter). Another signal things are not looking great forTreasuries is the proverbial canary in the coal mine (2-Year notes) have blown through strong resistance of 0.45%. Despite the sharp sell-off, there are still numerous potential catalysts for a rally in Treasuries. The potential strike(s) on Syria, German Elections, Fed Tapering, and/or further weakening in EM countries.

At 11:00 AM EST there is a UST buyback in the 11/20-8/23 sector.

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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.