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Market Commentary

Market Commentary

Today's Coupons
 10-Year Notes 1.171% 
 Support 1.560% 
 Resistance 1.267% 
 FN 2.5% Coupon 103.984 (+0.109) 
 Tuesday, July 20, 2021

Future Gains, Bitcoin Declines, U.S. Housing Starts Surpass Forecasts

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.1375, 5.13 bps lower than prior closing of 1.1888.

U.S. futures gained as investors are having a positive outlook on corporate earnings against the uncertain outlook for global growth. Contracts on the S&P 500 and Nasdaq 100 showed a strong opening today. The Stoxx Europe 600 broke a four-day losing streak. Bonds in Europe advanced. U.S. housing starts increased in June by more than forecast. Initial home construction rose 6.30% last month to a 1.64 million annualized rate. The government’s report showed the number of single-family homes started increased 6.30% in June to a 1.16 million pace. Crude oil fluctuated between small gains and losses. Bitcoin fell below $30,000 level. Treasury yields edged lower and the dollar was steady.

The curve has bull-flattened with the UST 10-Year yield down 5.13 bps.

This Week's Events
 07/20Building Permits MoM05:30Jun0.70%-5.10%-3.00%-2.90% 
 07/20Building Permits05:30Jun1696k1598k1681k1683k 
 07/20Housing Starts05:30Jun1590k1643k1572k1546k 
 07/20Housing Starts MoM05:30Jun1.20%6.30%3.60%2.10% 
 07/21MBA Mortgage Applications04:00Jul 16--16.00%- 
 07/22Chicago Fed Nat Activity Index05:30Jun0.30-0.29- 
 07/22Initial Jobless Claims05:30Jul 17350k-360k- 
 07/22Continuing Claims05:30Jul 103100k-3241k- 
 07/22Leading Index07:00Jun0.90%-1.30%-
 07/23Markit US Manufacturing PMI06:45Jul P62.00-62.10- 
 07/23Markit US Services PMI06:45Jul P64.50-64.60- 
 07/23Markit US Composite PMI06:45Jul P--63.70- 
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