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Market Commentary


Today's Market Commentary
Thursday
September 5, 2013
10-YEAR NOTES   96-14 (-5) 2.915%
FN 3.5% COUPON   98-22 (-7)
SUPPORT   3.03%
RESISTANCE   2.78%
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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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