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Bond Markets Slightly Stronger Overnight; Extending Gains Early
Posted to: Micro News
Monday, November 04, 2013 9:18 AM
The overnight session was quiet, but positive for bond markets. Treasury activity was limited to futures at first as Japan was out on holiday. European hours brought slightly more activity, but not much movement. Overall, Friday's high 10yr yields held at 2.62+.
10's entered the domestic session at 2.607, but soon fell to 2.596 at the CME open (Treasury futures pit trading). MBS walked in the door a few ticks higher and have added to gains from there. Fannie 3.5s are currently about 4 ticks higher on the day at 102-05.
There has been no significant data so far this morning, and the data on tap is limited in its market moving potential. There will be two separate instances of the Factory Orders report at 10am as the delayed report from the shutdown is simply being released with today's regularly scheduled report.
Beyond that, volumes are light and the first potential technical roadblock is already in play at 2.596. 10's have bounced there twice so far this AM. 102-08 would be the analogous level for MBS.
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