Eurodollar Futures Market News and Commentary
Mar 10-year T-notes (ZNH21) on Friday closed up +4.5 ticks, and the 10-year T-note yield fell -1.9 bp to 1.087%.
March 10-year T-note prices on Friday rallied to a 2-week high as a slide in stocks boosted the safe-haven demand for T-notes. A rally in 10-year German bunds on Friday also supported gains in T-note prices. T-note prices fell back from their best levels on stronger-than-expected U.S. economic data.
U.S. stock indexes on Friday moved lower, which provided support to T-notes. Covid concerns undercut stocks Friday after President Biden late Thursday warned that the U.S. faces a "dark winter" as the pandemic worsens before it improves and that another 100,000 U.S. Covid deaths are expected over the next month. Also, carry-over weakness from a slide in European stocks is weighed on U.S. stock indexes as the Euro Stoxx 50 fell to a 2-week low Friday after the German government cut its economic growth forecasts.
Friday's U.S. economic... Read more