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You are viewing Micro News from Monday, Feb 10, 2014 - View all recent Micro News
  • 2/10/14
    Extremely Quiet Conditions; Narrow Ranges; MBS Little-Changed

    Much like the afternoon update on Friday, here's another one for our users that may not be tuned in to charts on the dashboard.  For those who are, the tenor of the day has been obvious.  Bond markets have essentially flat-lined following Friday morning's post-NFP volatility.

    Volume is way down in the Treasury complex and yields have twice made lower highs and higher lows compared to the overnight range.  For 10yr yields, that's made for a range  of 2.664 to 2. 695.  Fannie 4.0s have held between 105-02 and 105-05 all afternoon, but keep in mind they roll tomorrow (so prices will drop roughly 10/32nds).

    For what it's worth, after this second "lower high" bounce in Treasuries, 10's are right on the edge of unchanged territory.  MBS continue to outperform with Fannie 4.0s and 3.5s higher 5 and 3 ticks on the day respectively.

    Category: MBS, UPDATE
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  • 2/10/14
    Treasuries Weaker, MBS Stronger as Domestic Session Lurches Forward

    Treasuries drifted slightly lower in yield during the overnight session, but everything before the domestic session has been uneventful and fairly light in terms of volume.  Things aren't much busier now, but the onset of domestic trading in combination with European markets' bigger movements is making for some volatility in Treasuries now. 

    10yr yields followed German Bunds higher starting just after 7am.  MBS experienced a small amount of weakness at the 8am open as the Treasury move continued, but both have since bounced.  Said bounce has seen Treasuries level off in slightly negative territory while MBS have done more with it.  Fannie 4.0s and 3.5s are up 3 and 2 ticks respectively.

    There are no economic reports or headlines driving the movement, and there's nothing interesting on the calendar for the rest of the day.  As such, current trading can be seen as somewhat revealing (i.e. "what would markets do of their own accord?").  In that sense, this is an argument for post-NFP positivity to have run its course on Friday.

    Category: MBS, UPDATE
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  • 2/10/14

    Much like the afternoon update on Friday, here's another one for our users that may not be tuned in to charts on the dashboard.  For those who are, the tenor of the day has been obvious.  Bond markets have essentially flat-lined following Friday morning's post-NFP volatility.

    Volume is way down in the Treasury complex and yields have twice made lower highs and higher lows compared to the overnight range.  For 10yr yields, that's made for a range  of 2.664 to 2. 695.  Fannie 4.0s have held between 105-02 and 105-05 all afternoon, but keep in mind they roll tomorrow (so prices will drop roughly 10/32nds).

    For what it's worth, after this second "lower high" bounce in Treasuries, 10's are right on the edge of unchanged territory.  MBS continue to outperform with Fannie 4.0s and 3.5s higher 5 and 3 ticks on the day respectively.

    Category: MBS, UPDATE
    Share:   
  • 2/10/14

    Treasuries drifted slightly lower in yield during the overnight session, but everything before the domestic session has been uneventful and fairly light in terms of volume.  Things aren't much busier now, but the onset of domestic trading in combination with European markets' bigger movements is making for some volatility in Treasuries now. 

    10yr yields followed German Bunds higher starting just after 7am.  MBS experienced a small amount of weakness at the 8am open as the Treasury move continued, but both have since bounced.  Said bounce has seen Treasuries level off in slightly negative territory while MBS have done more with it.  Fannie 4.0s and 3.5s are up 3 and 2 ticks respectively.

    There are no economic reports or headlines driving the movement, and there's nothing interesting on the calendar for the rest of the day.  As such, current trading can be seen as somewhat revealing (i.e. "what would markets do of their own accord?").  In that sense, this is an argument for post-NFP positivity to have run its course on Friday.

    Category: MBS, UPDATE
    Share:   
 
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