Eurodollar Jun '20 (GEM20)
Eurodollar Futures Market News and Commentary
Sep T-notes (ZNU20) on Thursday closed down -12.5 ticks. The 10-year T-note yield rose +6.4 bp at 0.810%.
Sep 10-year T-notes on Thursday sold off to a 1-1/2 month low. The 10-year T-note yield climbed to a 2-1/4 month high of 0.822%. T-note prices were undercut by a surge in German bund yields and rising U.S. inflation expectations. Losses in T-note losses accelerated Thursday morning on technical selling after T-notes fell below their current 1-1/2 month-long trading range.
T-notes Thursday morning ignored supportive U.S. labor market data. U.S. weekly initial unemployment claims fell -249,000 to 1.877 million, showing a weekly labor market than expectations of 1.833 million. Also, weekly continuing claims unexpectedly rose +649,000 to 21.487 million, showing a weaker labor market than expectations for a decline to 20.000 million.
U.S. Q1 non-farm productivity data on Thursday was mixed for T-notes. Q1 non-farm productivity was unexpectedly revised upward to -... Read more
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