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Bond Markets Giving Up Overnight Gains After Stronger Jobless Claims
Posted to: Micro News
Thursday, April 10, 2014 8:40 AM

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Treasuries made quite a strong move overnight, making it all the way into the 2.65's in 10yr yields.  While some of those gains were already being given up into the domestic session, it looked as if bond markets would have been willing to go either direction after the 8:30am data.

With Jobless Claims coming in stronger (300k vs 320k forecast) and continued claims dropping below 2.8m, the first reaction is a moderate move toward weaker levels for Treasuries and MBS.  10yr yields are up to 2.675 from 2.665 just before the data (2.6501 overnight).  MBS are only 2 ticks off their highs (104-13 vs 104-15 in Fannie 4.0s).

Despite the move higher, we're already seeing signs that it might stay contained.  Not only was the initial pop on the small side, but it's clearly meeting some resistance now.  If this morning's high yields continue to hold, that would be a very positive sign from a technical standpoint (making the 2.68 level discussed in the 'day ahead' act as a pivot point instead of a resistance level).

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