10 Jun 2013
Flash: 10-year US treasuries remain in buy-dip mode ahead of FOMC – RBS
FXstreet.com (Barcelona) - According to the RBS Research Team, “We cautiously stay in 'buy dips' mode within a 2.00% to 2.25% range in 10-year US treasuries between now and the June 19th FOMC meeting.
However, “we stress the word 'cautiously' and advise patience because we feel with daily momentum shifting back bearishly into supply the market is vulnerable. Markets will continue to debate tapering and focus heavily on every major data point and Fed speaker.” the team adds.
Treasuries meanwhile were stuck to a 2bp range throughout, even as S&P futures were higher for the bulk of the overnight. Our flows were Asian real money extending to the back end, European real money selling in the belly, and little else. Total Treasury inter-dealer broker volume was 70% of the 10-day average through earlier today.
However, “we stress the word 'cautiously' and advise patience because we feel with daily momentum shifting back bearishly into supply the market is vulnerable. Markets will continue to debate tapering and focus heavily on every major data point and Fed speaker.” the team adds.
Treasuries meanwhile were stuck to a 2bp range throughout, even as S&P futures were higher for the bulk of the overnight. Our flows were Asian real money extending to the back end, European real money selling in the belly, and little else. Total Treasury inter-dealer broker volume was 70% of the 10-day average through earlier today.