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Bond Markets Unchanged Overnight, Hit Snooze Button After 1st Round of Data
Posted to: Micro News
Thursday, April 03, 2014 9:01 AM

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Very little to report so far, despite the presence of events that are typically capable of at least SOME market movement on Thursday mornings.

The ECB left rates unchanged and Mario Draghi hasn't said anything meaningful in his press conference yet.  It's ongoing though, and there's still a chance to see some reaction though it would be mainly limited to European bond markets.  Indeed German Bunds are under a bit of pressure at the moment, and it's a slight drag on US Treasuries, but we're talking about maybe 0.1% impact.

The 8:30am data was uneventful, with Jobless Claims coming in at 326k vs 317k forecast.  Had it come in at or below consensus, it could have made for more selling pressure.  The International Trade report was out at the same time, showing a current account deficit of 42.3 bln vs a 38.5 bln forecast.  Realistically, no one cares about that report any more.

Fannie 4.0s are up 1 tick on the day after opening 2 ticks stronger.  All the movement has taken place within a narrow 3 tick range.  Treasuries are similarly sleepy with 10's holding between 2.7915 and 2.805.

The order of the day is to wait for alarm to go off again at 10am, with ISM Non-Manufacturing data as the last big potential market mover before tomorrow's NFP. 




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