|This email was sent to you by:|
Anonymous User |
Mortgage News Daily
Email alerts, such as this one, are a free service
provided by Mortgage News Daily. If you would like to receive an alert when important news breaks
please register to join our community
Virtually Unchanged To Begin Holiday-Shortened Week
Posted to: Micro News
Tuesday, February 19, 2013 9:09 AM
It would be nice to see trading levels so close to home after every three day weekend in a market that, in general, pays a less than insignificant amount of attention to overseas markets currently. To put that more simply, with domestic bond markets taking their fair share of cues from Europe and Asia, and with Europe and Asia not out for President's Day yesterday, it's nice to see trading levels this Tuesday morning, roughly in line with Friday afternoon's.
What little movement there was overnight was seen in a micro range of 1.99 to 2.007 in 10yr yields. Asian stocks declined with the second leg down into the close getting more chase from overnight Treasuries, but as per usual, US 10's saw more movement and volume into the European session where rising equities helped put the floor in for yields. Germany's ZEW data showed stronger sentiment, but weaker "current conditions" and was ultimately a positive factor for bonds, essentially preserving the narrow range into the domestic open.
S&P futures advanced overnight but aren't yet back to levels that challenge Friday's highs (up just over 2 points from Friday's close). 10yr yields are just over 1bp lower at 1.9913 and Fannie 3.0s are currently up 2 ticks at 102-30. The only scheduled data of the morning is NAHB Housing Market Index at 10am, and beyond that, there's a growing sense of anticipation for tomorrow's FOMC Minutes.
More from MND:
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.