Eurodollar Futures Market News and Commentary
Mar T-notes (ZNH20) on Friday closed down -3.5 ticks. The 10-year T-note yield rose +2.2 bp to 1.829%.
Mar T-note prices fell back Friday, and T-note yields rose on a rally in global equity markets along with better-than-expected U.S. economic data.
An easing of global trade tensions has propelled world stocks higher Friday, which reduced the safe-haven demand for T-notes. The U.S. and China signed a phase-one trade deal on Wednesday and the U.S. Senate on Thursday approved the USMCA agreement, which could spark new business investment now that the long-term rules are set for North American trade.
Positive Chinese economic data is also supportive for global growth prospects and is bearish for T-notes as Friday's data showed China Dec retail sales rose +8.0% y/y, stronger than expectations of +7.9% y/y, and after China Dec industrial production rose +6.9% y/y, the fastest pace of increase in 9 months.
Friday's U.S. economic data was mostly hawkish for Fed... Read more