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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-07.5 (-05.5)  
  FN 3.5% Coupon   99-02.5 (-04)  
  Support   3.111%  
  Resistance   2.813%  
Tuesday, August 07, 2018
Treasuries are moderately lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.966% after closing at 2.940% prior.

Treasuries fell overnight and into the open while global stocks rallied as earnings season enters its final phase. Investors turned their focus back on positive earnings results despite the escalating trade war tensions between U.S. and China among other geopolitical headlines. Commodities continued its climb overnight after the Trump Administration announced to restore some sanctions on Iran during yesterday's session. Meanwhile, the dollar saw its biggest drop in two weeks as it slid lower overnight with Treasuries.

On the economic calendar, we received the June JOLTS Job Openings which rose above expectations at 6.662 Million versus 6.625 Million per consensus. Its previous index was revised higher from 6.638 Million to 6.659 Million. Later today at 10:00 AM (PT), U.S. will auction $34 Billion 3-Year Notes. Then at 12:00 PM (PT), the Consumer Credit for the month of June will be released and is expected to expand by another $15 Billion per consensus.

The curve has bear-steepened with the UST 10-Year yield up 2.6 bps from prior closing.
This Week's Events
  08/06 No Data - - - - - -  
  08/07 JOLTS Job Openings 07:00 Jun 6625 6662 6638 6659  
  08/08 MBA Mortgage Applications 04:00 3 Aug - - -2.60% -  
  08/09 Initial Jobless Claims 05:30 4 Aug 220k - 218k -  
  08/09 Continuing Claims 05:30 28 Jul 1735k - 1724k -  
  08/09 PPI Final Demand MoM 05:30 Jul 0.20% - 0.30% -  
  08/09 PPI Final Demand YoY 05:30 Jul 3.40% - 3.40% -  
  08/09 Bloomberg Consumer Comfort 06:45 5 Aug - - 58.60 -  
  08/09 Wholesale Inventories MoM 07:00 Jun F 0.00% - 0.00% -  
  08/09 Wholesale Trade Sales MoM 07:00 Jun 0.20% - 2.50% -  
  08/10 CPI MoM 05:30 Jul 0.20% - 0.10% -  
  08/10 CPI YoY 05:30 Jul 2.90% - 2.90% -  
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
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