Fleursdumal
फूल की बुराई
sta per uscire verso l'alto dal tradingrange, primo ostacolo r2 a 112,6563 dalla quale è stato già respinto in apertura, quindi c'è il 38,2% di fibo a 112,8125 e r3 a 113 tondo. Anche oggi il T-Bond sovraperforma il 10y e lo spread si porta sopra la figura , il massimo di periodo e 1,125 e ci siamo
US Treasuries idle, yield curve flattens further
NEW YORK, Jan 11 (Reuters) - Treasury debt prices idled in a tight range on Tuesday and looked set to stay there pending key U.S. economic data and $25 billion in new supply due later in the week.
Traders said flows were not particularly heavy but enough to push prices to and fro in an aimless market. The benchmark 10-year Treasury note <US10YT=RR> did manage to recoup offshore losses to be flat at 4.28 percent, well within the recent 4.20 percent to 4.34 percent range.
The only clear trend was a continuing move into curve flattening trades -- bets short-term debt would underperform longer-dated issues against a background of rising official rates and still subdued inflation.
Thus yields on the two-year Treasury note <US2YT=RR> ticked up to 3.23 percent from 3.22 percent late Monday, while those on the 30-year bond <US30YT=RR> inched down to 4.81 percent from 4.82 percent.
The spread between two- and 10-year yields narrowing yet further to 105 basis points, near lows not seen since mid-2001.
There was some pressure on the five-year note ahead of an auction of $15 billion in new paper scheduled for Wednesday. Traders often try and cheapen prices into a sale both to attract private investor demand and to ease the pain should they have to underwrite the bulk of the issue.
Five-year yields <US5YT=RR> rose to 3.74 percent from 3.73 percent late Monday.
Traders said early softness in bonds came in reaction to the latest JPMorgan survey of Treasury clients. This showed the number of net shorts dipped to 44 from 50, its lowest level in seven weeks, while long positions expanded to 11 from 5.
"Fewer short positions means there's more room for people to sell," said one trader at a U.S. primary dealer.
"When everyone's short it's harder for them to get even shorter," he explained. "It's a contrarian indicator for the market and, in this case, the drop in shorts is a bearish sign."
Meanwhile, early data on store sales suggested consumer demand had considerable momentum heading into January.
The Redbook survey showed chain store sales slowed to an annual 3.1 percent in the first week of January from a strong 5.2 percent the week before. The ICSC/UBS measure of chain store sales also slowed to 4.4 percent from 4.6 percent, though analysts considered both results reasonable given tough comparisons from last year.
Data on overall retail sales are due on Thursday and analysts are looking for a hefty 1.0 percent rise in December, led by a jump in auto sales.
Later in the session, investors will be on alert for results from chip maker Intel <INTC.O> since they are seen as a bellwether for business investment in technology.
Rival chipmaker AMD <AMD.D> shook the market late Monday by issuing a profit warning, and any disappointment in the Intel numbers could hurt equities to the benefit of bonds.
US Treasuries idle, yield curve flattens further
NEW YORK, Jan 11 (Reuters) - Treasury debt prices idled in a tight range on Tuesday and looked set to stay there pending key U.S. economic data and $25 billion in new supply due later in the week.
Traders said flows were not particularly heavy but enough to push prices to and fro in an aimless market. The benchmark 10-year Treasury note <US10YT=RR> did manage to recoup offshore losses to be flat at 4.28 percent, well within the recent 4.20 percent to 4.34 percent range.
The only clear trend was a continuing move into curve flattening trades -- bets short-term debt would underperform longer-dated issues against a background of rising official rates and still subdued inflation.
Thus yields on the two-year Treasury note <US2YT=RR> ticked up to 3.23 percent from 3.22 percent late Monday, while those on the 30-year bond <US30YT=RR> inched down to 4.81 percent from 4.82 percent.
The spread between two- and 10-year yields narrowing yet further to 105 basis points, near lows not seen since mid-2001.
There was some pressure on the five-year note ahead of an auction of $15 billion in new paper scheduled for Wednesday. Traders often try and cheapen prices into a sale both to attract private investor demand and to ease the pain should they have to underwrite the bulk of the issue.
Five-year yields <US5YT=RR> rose to 3.74 percent from 3.73 percent late Monday.
Traders said early softness in bonds came in reaction to the latest JPMorgan survey of Treasury clients. This showed the number of net shorts dipped to 44 from 50, its lowest level in seven weeks, while long positions expanded to 11 from 5.
"Fewer short positions means there's more room for people to sell," said one trader at a U.S. primary dealer.
"When everyone's short it's harder for them to get even shorter," he explained. "It's a contrarian indicator for the market and, in this case, the drop in shorts is a bearish sign."
Meanwhile, early data on store sales suggested consumer demand had considerable momentum heading into January.
The Redbook survey showed chain store sales slowed to an annual 3.1 percent in the first week of January from a strong 5.2 percent the week before. The ICSC/UBS measure of chain store sales also slowed to 4.4 percent from 4.6 percent, though analysts considered both results reasonable given tough comparisons from last year.
Data on overall retail sales are due on Thursday and analysts are looking for a hefty 1.0 percent rise in December, led by a jump in auto sales.
Later in the session, investors will be on alert for results from chip maker Intel <INTC.O> since they are seen as a bellwether for business investment in technology.
Rival chipmaker AMD <AMD.D> shook the market late Monday by issuing a profit warning, and any disappointment in the Intel numbers could hurt equities to the benefit of bonds.
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