BUND, T-BRONX, T-NOTE ... e compagnia bella (V.M. 78 Anni)
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gastronomo
Forumer storico
US Treasuries slumber, one lazy eye on Greenspan
Tue Apr 5, 2005 09:35 AM ET
NEW YORK, April 5 (Reuters) - U.S. Treasury debt prices hardly stirred on Tuesday as an absence of economic data kept activity subdued and left yields well within recent ranges.
A modest pullback in oil prices (0#CL:: Quote, Profile, Research) was enough to spur equities (SPM5: Quote, Profile, Research) higher, and also lessen interest in fixed-income debt.
Volumes were light with the benchmark 10-year note (US10YT=RR: Quote, Profile, Research) unchanged in price in early trade. Yields were hovering at 4.46 percent having twice failed to break resistance in the 4.40/42 percent zone, though they remained some way below the recent 4.70 percent peak.
"There's nothing fundamental going on, just deal-related flows," complained one trader at a U.S. primary dealer. "A clean break of 4.42 (percent) might get things going, but feels like the market doesn't have the momentum."
"Maybe Greenspan will liven things up," he added hopefully.
There were no major economic data due on Tuesday, leaving a speech by Federal Reserve Chairman Alan Greenspan on "Energy" as the highlight.
Dealers were wary on whether Greenspan would characterize rising oil prices as a threat to inflation or a drag on consumption and the economy. The former could put fixed-income debt under pressure, while the latter might lead to a relief rally.
Five-year Treasury notes (US5YT=RR: Quote, Profile, Research) were up 1/32 in price, lowering yields to 4.11 percent from 4.12 percent. The 30-year bond (US30YT=RR: Quote, Profile, Research) was stuck at 4.74 percent.
Traders noted the latest JPMorgan survey of clients suggested the market was not as short of Treasuries as many had thought, meaning there could be scope for fresh selling.
The survey found the proportion of long positions rose to 11 from 7, the highest share since mid-December. Neutrals jumped to 46 from 39 and those holding short positions declined to 43 from an historically high 54.
Another notable change was a widening in credit spreads, the premium above Treasuries that corporations pay to borrow.
One theory for the widening was that hedge funds could be unwinding carry trades where they borrowed a low short-term rates in Treasuries and bought higher yielding corporate debt. Recent reports of dealer positions suggested many of the big banks had also leveraged into much riskier trades, while shorting Treasuries to hedge the position.
Analysts felt these funds might now be unwinding some of those positions, which could explain the wider spreads and the relative resilience of the two-year Treasury note.
Yields on the two-year note (US2YT=RR: Quote, Profile, Research) dipped to 3.72 percent from 3.73 percent, having spent the last few weeks in a 3.65 percent to 3.92 percent range.
Dealers also reported talk of central bank buying in the short-tend of the curve.
© Reuters 2005. All Rights Reserved.
Francamente non vorrei fare un'affermazione banale o semplicista: venerdi ci sono i funerali del Papa, e a Roma ci saranno gli uomini più importanti del pianeta - non immagino che prima di allora si avranno storni sui bond o rally dell'azionario, quindi ogni movimento, se vi sarà, lo interpreto come chiusura di posizioni - vedrem
Tue Apr 5, 2005 09:35 AM ET
NEW YORK, April 5 (Reuters) - U.S. Treasury debt prices hardly stirred on Tuesday as an absence of economic data kept activity subdued and left yields well within recent ranges.
A modest pullback in oil prices (0#CL:: Quote, Profile, Research) was enough to spur equities (SPM5: Quote, Profile, Research) higher, and also lessen interest in fixed-income debt.
Volumes were light with the benchmark 10-year note (US10YT=RR: Quote, Profile, Research) unchanged in price in early trade. Yields were hovering at 4.46 percent having twice failed to break resistance in the 4.40/42 percent zone, though they remained some way below the recent 4.70 percent peak.
"There's nothing fundamental going on, just deal-related flows," complained one trader at a U.S. primary dealer. "A clean break of 4.42 (percent) might get things going, but feels like the market doesn't have the momentum."
"Maybe Greenspan will liven things up," he added hopefully.
There were no major economic data due on Tuesday, leaving a speech by Federal Reserve Chairman Alan Greenspan on "Energy" as the highlight.
Dealers were wary on whether Greenspan would characterize rising oil prices as a threat to inflation or a drag on consumption and the economy. The former could put fixed-income debt under pressure, while the latter might lead to a relief rally.
Five-year Treasury notes (US5YT=RR: Quote, Profile, Research) were up 1/32 in price, lowering yields to 4.11 percent from 4.12 percent. The 30-year bond (US30YT=RR: Quote, Profile, Research) was stuck at 4.74 percent.
Traders noted the latest JPMorgan survey of clients suggested the market was not as short of Treasuries as many had thought, meaning there could be scope for fresh selling.
The survey found the proportion of long positions rose to 11 from 7, the highest share since mid-December. Neutrals jumped to 46 from 39 and those holding short positions declined to 43 from an historically high 54.
Another notable change was a widening in credit spreads, the premium above Treasuries that corporations pay to borrow.
One theory for the widening was that hedge funds could be unwinding carry trades where they borrowed a low short-term rates in Treasuries and bought higher yielding corporate debt. Recent reports of dealer positions suggested many of the big banks had also leveraged into much riskier trades, while shorting Treasuries to hedge the position.
Analysts felt these funds might now be unwinding some of those positions, which could explain the wider spreads and the relative resilience of the two-year Treasury note.
Yields on the two-year note (US2YT=RR: Quote, Profile, Research) dipped to 3.72 percent from 3.73 percent, having spent the last few weeks in a 3.65 percent to 3.92 percent range.
Dealers also reported talk of central bank buying in the short-tend of the curve.
© Reuters 2005. All Rights Reserved.
Francamente non vorrei fare un'affermazione banale o semplicista: venerdi ci sono i funerali del Papa, e a Roma ci saranno gli uomini più importanti del pianeta - non immagino che prima di allora si avranno storni sui bond o rally dell'azionario, quindi ogni movimento, se vi sarà, lo interpreto come chiusura di posizioni - vedrem
Fleursdumal
फूल की बुराई
Bonsoir a tout les bondaroles
e forsaaaaa itagliaaaaaaaa e siamo bellissimiiiiiiiiiiiiiiiiiii
e forsaaaaa itagliaaaaaaaa e siamo bellissimiiiiiiiiiiiiiiiiiii
Fleursdumal
फूल की बुराई
con i grafici turbati dall'ora legale sfasata la lettura in intraday non è semplice; s1 resiste
gastronomo
Forumer storico
Fleursdumal ha scritto:Bonsoir a tout les bondaroles
e forsaaaaa itagliaaaaaaaa e siamo bellissimiiiiiiiiiiiiiiiiiii
Cappuccio, cornetto e succo d'arancia 8) ???
SPERO
Nuovo forumer
buonasera a tutti 
un'occhiata furtiva .... ancora su questi valori...
ma non se ne puo' piu'
....
aspettando sempre ed almeno 118
che dite ?
stavo leggendo Gastro ....fino a venerdi' nisba...forse lunedi
certo che se venerdi starnutisce qualcuno..con tutti 'sti capi di stato...
mah...speriamo in bene
una curiosita'..avevo letto che verso l'otto o il nove aprile si riunivano per i tassi... Usa o Ue ? mi delucidate ? grazie
magari me lo sono sognato
un'occhiata furtiva .... ancora su questi valori...
ma non se ne puo' piu'
....aspettando sempre ed almeno 118
che dite ?
stavo leggendo Gastro ....fino a venerdi' nisba...forse lunedi
certo che se venerdi starnutisce qualcuno..con tutti 'sti capi di stato...
mah...speriamo in bene
una curiosita'..avevo letto che verso l'otto o il nove aprile si riunivano per i tassi... Usa o Ue ? mi delucidate ? grazie
magari me lo sono sognato
Fleursdumal
फूल की बुराई
SPERO ha scritto:buonasera a tutti
un'occhiata furtiva .... ancora su questi valori...
ma non se ne puo' piu'
aspettando sempre ed almeno 118
che dite ?
stavo leggendo Gastro ....fino a venerdi' nisba...forse lunedi
certo che se venerdi starnutisce qualcuno..con tutti 'sti capi di stato...
mah...speriamo in bene
una curiosita'..avevo letto che verso l'otto o il nove aprile si riunivano per i tassi... Usa o Ue ? mi delucidate ? grazie
magari me lo sono sognato
dovrebbe decidere sul da farsi la bce con previsti tassi invariati, ma la data precisa non la so, forse gastro ne sa di più
Fleursdumal
फूल की बुराई
gastronomo ha scritto:Fleursdumal ha scritto:Bonsoir a tout les bondaroles
e forsaaaaa itagliaaaaaaaa e siamo bellissimiiiiiiiiiiiiiiiiiii
Cappuccio, cornetto e succo d'arancia 8) ???
espressino con volluttuoso velo di cacao
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