[MARKET ANALYSIS] T-notes rise as crude dips on Iranian ceasefire efforts
- USTs trades in a tight 110.20-110.26 range, in a session in which its European peers are closed for Easter Monday. Slight upticks were seen amid the downside in crude prices, which also resulted in DXY weakness, but it remains contained. On the data front, ISM Services PMI is expected later, with the headline figure expected at 55 from 56.1 prior. US President Trump is also expected to hold a press conference at 18:00 BST/13:00 EDT.
Context
The rise in T-notes, coinciding with a dip in crude prices, reflects a market response to ongoing geopolitical developments, particularly Iran's ceasefire efforts. This likely indicates a cautious optimism, leading to a flight to safer assets like USTs while impacting the DXY. Traders should keep an eye on the ISM Services PMI expected later, as any miss could further drive T-note demand.
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