Somewhat stronger-than-expected factory goods data extended the slide until the note found support just above the key intraday 103-055 level from Monday. September bond was equally constrained, ranging from 100-12 to 100-27, with the zone set early in the session. Both stocks and the dollar were also mired in lethargic holiday range trades, with neither giving any inspiration to Treasuries. The market is looking ahead to Friday's payroll data, hoping it will solidify expectations on how much Fed easing is left in the pipe.
Markets & Finance
Treasuries Are Lower in Light Trade
Treasuries were confined to a narrow, uninspired range trade Tuesday in typically thin and quiet pre-holiday conditions. The long bond closed down about a half point on profit-taking after Monday's gains, and on position-adjusting into the July 4 holiday and ahead of key payroll data on Friday. What little action there was came early in the session, given the early close of the markets. A Japanese bank was a buyer of 2,200 September 10-year futures at the open, to take the long end to its intraday high, but the move quickly fizzled just shy of resistance at 103-225 on lack of follow-through.