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[MARKET ANALYSIS] Fixed income lifted following the pause of Project Freedom, US Treasury QRA and EZ PMIs await

The pause of Project Freedom has provided a boost to U.S.

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Chinese RatingDog Composite PMI (Apr) 53.1 (Prev. 51.5)

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[MARKET ANALYSIS] Fixed income lifted following the pause of Project Freedom, US Treasury QRA and EZ PMIs await

PBoC sets USD/CNY mid-point at 6.8562 vs exp. 6.8160 (prev. 6.8628)

RBNZ Governor Breman says banks are resilient under stress tests

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  • UST Futures benefited after US President Trump announced that Project Freedom is to be paused for a short period of time. USTs lifted from 110-08+ to a peak of 110-16 following the announcement and continue to hold near session highs. Looking ahead, the US Treasury’s QRA will be in focus. 
  • Bund Futures gapped higher on the open, but sold off immediately. Despite the initial weakness, Bunds trade beyond Tuesday’s peak of 125.11 (125.08-125.20 range) ahead of the EZ final PMIs and a 2032 Bund auction.
  • JGB Futures are closed for Constitution Day.
Context

Treasury futures, indicating a positive market reaction amid ongoing uncertainty. This environment suggests that traders will be closely watching the upcoming U.S. Treasury QRA and Eurozone PMIs, which are critical for gauging economic health and potential shifts in interest rates. The movement in Bund Futures also reflects mixed sentiment ahead of these significant data points, highlighting a potential divergence in market expectations between the U.S. and Europe.

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