Derivati USA: CME-CBOT-NYMEX-ICE Bund, T-Bond,T-Notes&friends (vietato minori anni 14)
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Reuters
U.S. Treasuries subdued on mixed data, refunding
Wednesday August 4, 10:31 am ET
(Adds data, reaction)
NEW YORK, Aug 4 (Reuters) - Treasury prices were a shade softer in hesitant trade on Wednesday after U.S. economic data proved too mixed to offer much direction.
Traders were put on edge by rumors an airliner had gone "missing" on a flight from Washington to London, though there was no confirmation on this. The market is sensitive to such talk given the heightened terror alert in the United States.
The benchmark 10-year note (US10YT=RR) was a slight 2/32 easier in price, leaving its yield at 4.44 percent from 4.43 percent late Tuesday. Two-year yields (US2YT=RR) edged up to 2.67 percent from 2.65 percent
Bond prices initially dipped after the Institute for Supply Management index of service sector activity rebounded to 64.8 in July from 59.9 in June, handily beating forecasts of a rise to 61.0.
But the market quickly steadied when the employment index sagged to 50.0 in July from 57.4 the month before, putting a question mark over expectations for a strong July payrolls report on Friday.
The median forecast in the latest Reuters poll foresees creation of about 228,000 jobs last month after a disappointing result for June.
Also out on Wednesday were data on U.S. factory orders which showed a firmer-than-expected 0.7 percent rise in June, though this was considered old news and had little impact.
Five-year notes (US5YT=RR) were off 2/32, while their yield ticked up to 3.66 percent from 3.65 percent. Thirty-year bonds (US30YT=RR) lost 4/32, taking yields to 5.18 percent from 5.17 percent.
Earlier, Treasuries had eased after the U.S. government announced the terms of its quarterly refunding, scheduled for next week.
Treasury said it would sell $51 billion of new debt next week, at the lower end of market expectations which ranged from $51 billion to $54 billion.
But some selling ensued at the long end of the maturity curve on disappointment that Treasury kept its current auction schedule. Some had hoped it would abandon the quarterly reopening of 10-year note sales.
Treasury cut its offering of three-year paper to $22 billion, which will be sold a day early on Monday to avoid clashing with the Federal Reserve policy meeting on Tuesday. Some $15 billion of five-year paper will be auctioned on Wednesday and $14 billion of 10-year notes on Thursday.
"The most important information to be taken from the refunding announcement is Treasury's willingness to spread reductions in coupon issuance across the curve," said Mark Mahoney, Treasury market strategist at UBS.
Many had assumed that if Treasury had reduced borrowing needs it would trim the 10-year the most and then the five-year issuance.
"While the curve impact should be limited, the potential liquidity premium in the current 10-year will suffer," said Mahoney.
U.S. Treasuries subdued on mixed data, refunding
Wednesday August 4, 10:31 am ET
(Adds data, reaction)
NEW YORK, Aug 4 (Reuters) - Treasury prices were a shade softer in hesitant trade on Wednesday after U.S. economic data proved too mixed to offer much direction.
Traders were put on edge by rumors an airliner had gone "missing" on a flight from Washington to London, though there was no confirmation on this. The market is sensitive to such talk given the heightened terror alert in the United States.
The benchmark 10-year note (US10YT=RR) was a slight 2/32 easier in price, leaving its yield at 4.44 percent from 4.43 percent late Tuesday. Two-year yields (US2YT=RR) edged up to 2.67 percent from 2.65 percent
Bond prices initially dipped after the Institute for Supply Management index of service sector activity rebounded to 64.8 in July from 59.9 in June, handily beating forecasts of a rise to 61.0.
But the market quickly steadied when the employment index sagged to 50.0 in July from 57.4 the month before, putting a question mark over expectations for a strong July payrolls report on Friday.
The median forecast in the latest Reuters poll foresees creation of about 228,000 jobs last month after a disappointing result for June.
Also out on Wednesday were data on U.S. factory orders which showed a firmer-than-expected 0.7 percent rise in June, though this was considered old news and had little impact.
Five-year notes (US5YT=RR) were off 2/32, while their yield ticked up to 3.66 percent from 3.65 percent. Thirty-year bonds (US30YT=RR) lost 4/32, taking yields to 5.18 percent from 5.17 percent.
Earlier, Treasuries had eased after the U.S. government announced the terms of its quarterly refunding, scheduled for next week.
Treasury said it would sell $51 billion of new debt next week, at the lower end of market expectations which ranged from $51 billion to $54 billion.
But some selling ensued at the long end of the maturity curve on disappointment that Treasury kept its current auction schedule. Some had hoped it would abandon the quarterly reopening of 10-year note sales.
Treasury cut its offering of three-year paper to $22 billion, which will be sold a day early on Monday to avoid clashing with the Federal Reserve policy meeting on Tuesday. Some $15 billion of five-year paper will be auctioned on Wednesday and $14 billion of 10-year notes on Thursday.
"The most important information to be taken from the refunding announcement is Treasury's willingness to spread reductions in coupon issuance across the curve," said Mark Mahoney, Treasury market strategist at UBS.
Many had assumed that if Treasury had reduced borrowing needs it would trim the 10-year the most and then the five-year issuance.
"While the curve impact should be limited, the potential liquidity premium in the current 10-year will suffer," said Mahoney.
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